What is European economic crisis?

[JasonTong]

As a chinese guy who has never been to Europe, I‘d like to know all the things about European economic crisis. It influenced not only European living but Chinese.

So i really want to know:

How does it happen?

Why does it happen?

How does it influence people's lives?

When would this end?




Friends not from China please ignore the following sentence:

如果有中国的同胞回复，麻烦用中文回复哦，因为我的英语实在够烂。 OOPS：

[NoirYs]

the euro dollar has fallen for the 7th day in a row now ... not good

[HappyHarpy]

JasonTong

As a chinese guy who has never been to Europe, I‘d like to know all the things about European economic crisis. It influenced not only European living but Chinese.

So i really want to know:

1. How does it happen?

2. Why does it happen?

3. How does it influence people's lives?

4. When would this end?

1. I'll do my best:
Well, it happens because the international marcets do not deal in real money anymore, but in credibility. That is the presumed ability you have to pay your debts. Since everyone, even countries, live and function on credit, it is essential that the credibility is high.
When a country, f e Greece, is deemed anable to pay back, then the credibility takes a dive and so does the one of the creditors.

2. The capitalistic system is supposed to have these problems. It needs to constantly expand the marcet and gather the capital, but it doesn't allways happen smoothly. This was known since the begining, Smith and Locke wrote about it in the 18th and 17th centuries.

3. Poverty and social instability and violence. People are frustrated and angry, they feel that they are beeing sacrificed to save the banks, whitc is true, of course. Extreme political parties, both left and right, thrive in this situation.

4. No idea. We can only hope it ends with the less suffering possible and with no wars breaking out.

[8bite_me3]

left wing politician

the euro dollar has fallen for the 7th day in a row now ... not good

This time we can definitely blame it on the French.

[8bite_me3]

JasonTong

As a chinese guy who has never been to Europe, I‘d like to know all the things about European economic crisis. It influenced not only European living but Chinese.

So i really want to know:

How does it happen?

Why does it happen?

How does it influence people's lives?

When would this end?




Friends not from China please ignore the following sentence:

如果有中国的同胞回复，麻烦用中文回复哦，因为我的英语实在够烂。 OOPS：

There was a worldwide financial crash in 2009. In this day and age, all economies of all countries are connected. When one country suffers sooner or later everyone else will be affected. Like a domino effect this is what happened. At this point all countries world-wide are still in recovery for the collapse. Relying on loans and overspending by the governments are two of the main causes. It's either the World Bank or the International Monetary Fund, not sure which one, states that a country's debt-to-GDP ratio should not exceed 35% or so.

[heh u jelly]

JasonTong

Why does it happen?

imagine you have a lazy friend, who is bad with money. he is always broke, but promises to pay everybody. when he gets money it disappears and he woun't tell you where it went.

for some reason you sign a paper with him, that if any of you have some money problems, you will help each other out. you both actually get money problems, when a friend far away does some stuff he shouldn't do and he can't pay you both.

you already work hard and don't do excessive spending. so while you have money problems, you can live with it. your friend on the other hand can't and you have to help him out.

so you tell him to work hard and stop wasting his money. he gets really really angry and burns houses down and kills a pregnant woman.

your friend is greece and you are northern europe. greek people burned down buildings, which killed a pregnant woman, because they were told to start working as much as all the other european nations.

[HappyHarpy]

heh u jelly

JasonTong

Why does it happen?

imagine you have a lazy friend, who is bad with money. he is always broke, but promises to pay everybody. when he gets money it disappears and he woun't tell you where it went.

for some reason you sign a paper with him, that if any of you have some money problems, you will help each other out. you both actually get money problems, when a friend far away does some stuff he shouldn't do and he can't pay you both.

you already work hard and don't do excessive spending. so while you have money problems, you can live with it. your friend on the other hand can't and you have to help him out.

so you tell him to work hard and stop wasting his money. he gets really really angry and burns houses down and kills a pregnant woman.

your friend is greece and you are northern europe. greek people burned down buildings, which killed a pregnant woman, because they were told to start working as much as all the other european nations.

Um. No.

With all my respect, you are totally wrong.

1. You can't blame an international crisis on a tiny economy.

2. The government and the people CAN be two different things. If a government is corrupt and lies to its own people, then it's only natural that the people get angry when they are the ones to see their children go hungry and their old without their medicin.
The police has been using much violence and pretty strong chemichals, even on old people.

3. Greeks, those lucky enough to still have a job, do work hard. Everything else is just propaganda.

I can agree that Greece is supposed to be a democracy and the people are supposed to be responcible for the governments they vote for. But what do you do when the government lies?

You shouldn't forget that Germany and France have more or less forced Greece to buy u-boats and airplanes from them, and that German and other European observators are actually as responcible as the Greek government for cooking up the numbers that made it possible for Greece to join the Euro zone.

You should start by thinking who is making huge profits right now, instead of buying the easy ''lazy friend'' fairy tale.

Finally, think Argentina, Ireland, Iceland, Spain, France... lazy friends, the lot of them?

[heh u jelly]

HappyHarpy

Finally, think Argentina, Ireland, Iceland, Spain, France... lazy friends, the lot of them?

the mediterranean countries have a lot of luxuries other countries got rid off. also those countries you name don't have strong industrial sectors and rely on agriculture and the service market, yadda yadda.
I don't feel like explaining everything and you told me I'm totally wrong and then your first point is something I didn't even say and the other 2 points have nothing to do with me. so yeah, I'm not wrong.

if you are greek and feel offended, please don't throw your plastic chair at me, that you use to sit on the street with all day.

[HappyHarpy]

heh u jelly

HappyHarpy

Finally, think Argentina, Ireland, Iceland, Spain, France... lazy friends, the lot of them?

the mediterranean countries have a lot of luxuries other countries got rid off. also those countries you name don't have strong industrial sectors and rely on agriculture and the service market, yadda yadda.
I don't feel like explaining everything and you told me I'm totally wrong and then your first point is something I didn't even say and the other 2 points have nothing to do with me. so yeah, I'm not wrong.

if you are greek and feel offended, please don't throw your plastic chair at me, that you use to sit on the street with all day.

ooookay...

My first point:

1. You can't blame an international crisis on a tiny economy.

You said:

imagine you have a lazy friend etc etc

which sort of gave me the impression you were blaming the whole shoolabaloo on the lazy friend, that is the Greeks...

2 and 3 have nothing at all to do with you, personally, my friend. But it does have everything to do with what you said about Greeks being lazy and angry cause they don't want to pay back.


But there is no real point in me continuing, is there? Because Greeks sit on plastic chairs all day and because industry yadda yadda.
Actually I am half Greek half Swedish, currently living in Norway and not really offended. Mostly sad. May I ask where you are from?