Tough rules for the eurozone, aimed at averting another financial crisis, have been agreed at an EU leaders’ summit
BBC NEWS
29 October 2010
The leaders agreed to a permanent fund to help the euro in times of crisis, and to laws giving the EU the power to check national budgets.
EU officials said the eurozone had almost collapsed earlier this year because it lacked such a mechanism.
Germany wants limited changes to the EU treaty to reinforce the changes, but is facing resistance from other countries.
Meanwhile, UK Prime Minister David Cameron won backing for his battle against a 5.9% rise in the EU budget.
Germany and France were among 10 nations supporting Mr Cameron’s attempt to limit the budget increase to 2.9% – a rise that would still cost UK taxpayers roughly £435m (500m euros).
The meeting will conclude later on Friday….
While a blogger over at Bloomberg.com tells the world that Ohio seems satisfied with Wall Street, Europe is still “recoiling”.
Europe intends to fix the problems that were revealed by America’s latter-day neocons. And that makes sense. One man’s limitations should not rule the world of Western economics – even if that man were ruled a GENIUS. A genius can have “off-days”.
In spite of the West’s neocon administered financial misery – Ohio may not be the only entity satisfied with Reaganomics. If Reaganomics can produce million dollar bonuses, it is possible that bonus recipients, along with Ohio, may be quite satisfied with the output of VOODOO ECONOMICS. Niccolo Machiavelli, long ago, noticed how some viewed the status quo:
“It must be remembered that there is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage than a new system. For the initiator has the enmity of all who would profit by the preservation of the old institution and merely lukewarm defenders in those who gain by the new ones. “
— Niccolò Machiavellihttp://www.goodreads.com/author/quotes/16201.Niccol_Machiavelli
And so it appears that Europe is now saying to the world, it is going to take more of its financial destiny into its own hands. After hundreds of years of American financial leadership, America finally exposed the financial talents of America’s neocons to the world. And the world is disconnecting. And a blogger over at Bloomberg.com said it’s Obama’s fault.
Tags: blogger, bloomberg.com, eu leaders, eurozone crisis rules, financial misery, latter-day neocons, ohio, one man's limitations, reaganomics, voodoo economics, Wall Street
