Euro view of U.S./global crisis from Jean-Michel Quatrepoint

Do Ronald Reagan and Maggie Thatcher now get the last laugh? Chancellor Angela Merkel says her government will not let Germany's vast Hypo Real Estate become the latest European enterprise to dissolve into financial oblivion. Almost simultaneously, via France24 News, we "discover" elder French financial journalist Jean-Michel Quatrepoint, who rather brilliantly describes a possible (and unwished-for) scenario of the current global financial mess. Quatrepoint maps out the crisis moving from what he calls a "classic credit crunch," first to financial crisis, then to a broader economic crisis which he says has already begun followed by social crisis characterised by high unemployment (as may occur in the U.S. and Europe), and culminating in a political crisis where "selfish national interests prevail," and where "no one," as he puts it - i.e., no country - "is willing to pay for the others." And so the Germans are attempting to put out the Hypo Real Estate fire. Most Americans have paid more attention to the U.S. side of this tragedy. In Europe we'd already witnessed the bank shipwrecks of Dexia, HBOS, Fortis, and Bradford & Bingley. Have I missed any?

ECONOMIC COWBOY (Ronald Reagan, actor & U.S. president 1980-1984)

It was just over a year ago, September 2007, when many of us (most not in the U.S.) watched in disbelief the depositor run on Britain's Northern Rock Bank, the UK's third-largest mortgage lender. Northern Rock was nationalised. Reflecting on the French journalist's remarks I must wonder how all this might have been different had Americans (the people of the U.S., not all the Americas) chosen a path different from that of Ronald Reagan, his jocular racism, and the "deregulated" capitalism ushered in by his cronies, an ultra-aggressive financial culture significantly less accountable to the people and the national government than it already had been.

Comments

[Gregos]

oh..... sorryyyyy.... Mariam :-)
soryy please

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[Gregos]

Miriam.... why here are not comments?

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