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Europe and the crisis

Editorial

of Nane Cantatore

The panic over the U.S. financial crisis seems to send confusion in Europe, including national solutions, collapses securities and questionable choices in various ways. But the situation is actually quite mixed, and perhaps the random order is the best way to deal with it. The European situation is very different from the U.S., for several reasons. First, the crisis affecting U.S. financial institutions heavily exposed a reality, with a loan portfolio heavily overvalued and excessive floating in the market, a situation aggravated by a heavy national commercial liability, by excessive private debt and a deficit that among tax cuts, war, social spending (the Bush administration has significantly increased spending for education and health) and 700 billion dollars of the Paulson package has grown to monstrous levels, we add a strong loss of competitiveness due to the obsolescence of infrastructure and de-industrialization and reduction of investment, which will only aggravate the crisis. In Europe the situation is markedly different, both because different countries are also in different situations, with a strong direct exposure in Britain, Ireland and Spain, where the race to easy credit and real estate has created serious risks, the Netherlands Belgium and weighed down by indirect risk, because their banks, far too large for national economies, have happily caught in the international market of derivatives, while France, Germany and Italy are much more away, beyond the indirect risks for some large banks such as Dexia in France (already stored to an ad hoc intervention) in Germany, Deutsche Bank and Unicredit Italia.Questa diversity is reflected in also in the differences between the measures taken by governments and the solution adopted, including thousands of controversy in the United States provides for the purchase of so-called toxic loans from the state, effectively restoring the banking assets at the expense of taxpayers, the European proposals, in fact France and Germany, would be the creation of guarantee funds on deposits. This means that there will be no actual outlay, but only that the depositors will be protected in If the banking crisis, which would bring a double benefit: first, would avoid the rush to withdraw their money from banks at risk, strengthening the confidence of savers and making the transition from less immediate crisis for financial institutions to collapse who are in dire straits, and secondly, because it is a measure for the benefit of depositors and banks, it would not help at all unfair to banks managed cheerfully, which explains the green light received from 'Antitrust in Europe. So we understand why it is preferable to a national approach to the establishment of a European fund, since the goal is to intervene on behalf of the holders all, therefore, citizens and businesses, rather than defending the banks, that is, persons who may issue shares and bonds in different markets. Moreover, the focus of prudential measures, which aim to avoid undue widening of a crisis that, as heavy, does not directly affect Europe, but only the various bubbles produced around the world due to excess liquidity finance cheerful. In short, is a way to make hay in the barn in front of the risks arising from lack of liquidity next venture and fluctuations in financial markets, and both governments to restore the function of protection and control of the economy which had substantially waived if not explicitly renounced in the name of neo-liberal dogmas. In other words, the purpose of this maneuver, and many other discrete measures taken by central banks in Europe, China, Russia and Japan, is to set out a sort of cordon sanitaire around the American economy that, in recent years, the artificial growth of the U.S. had trailed the rest of the world, now risks turning into a sort of black hole that sucks the money all over the world.

Effects Of Drinking Scope

The cat and the lion

The Italic

Stefano Rizzo

Towards the presidential elections in the U.S.

The comparison between the two candidates for the vice presidency, Biden for Democrats and Palin for the Republicans, has not seen twists: they were very cautious and disciplined, and have prevented the attacks broken. But the "second" McCain appeared fuoriposto compared to world politics, where the old Democratic senator playing at home. is not as beautiful as Liz Taylor in the film by Richard Brooks in 1958, but it is certainly pleasing. As "Maggie the Cat" (the protagonist of the film) she is of humble origins and was suddenly catapulted into the world view of power (money in a case, politics in the other). In common, the two women, the other a fictional true, also the roof, which precisely sheet, and not to burn have had to develop considerable skills of cunning and cynicism. We speak of course of Sarah Palin, the pitbull with lipstick as she called herself, Sarah Barracuda, as they called her friends to play volleyball on the fields of: the current governor of Alaska, now the vice-presidential candidate U.S. thanks to a brilliant coup de theater (media-brilliant) John McCain, who chose, or rather of his crafty advisers, who made gliel'hanno choose. And we talk about the debate last night in St. Louis, Missouri, the first and only between the two aspiring vice, between you and the Democrat Joe Biden, a veteran of the Senate, where it sits for 32 years. Biden has been chosen by Barack Obama because in his long business experience International and its origins in the working class in Pennsylvania could offset the two major "weaknesses" that are alleged: the inexperience in foreign policy and the intellectualism of a university professor. There was a long waiting list for discussion at the headquarters of Washington University, which lasted an hour and a half, covered in minute detail given to each contestant, the TV shots, in the presence of the public and the choice of moderator, Gwen Ifill, a journalist PBS (public broadcasting service), as African-American woman like Obama and Palin. The wait time was not justified by the event itself, since the debate between the aspiring vice never had great weight in presidential elections, what issues from "theater" and to boundary: the battle between an old lion and unscrupulous politics and a young cat, just as unscrupulous, promise to be a show of success, particularly given the character traits of the two contenders. From Biden, known for his verbosity and also for his gaffe, but also to be a solid parliamentary experience and preparation, we expected to see if he could hold his populist rhetoric, and especially if it avoided appear condescending toward his young rival, falling into the trap in which she hopes to attract. As for Palin, in days immediately following his appointment had been the darling of the media, always eager for new spectacular, which many praised the freshness, spontaneity and ability to address the common people. It was presented as a right of Hillary Clinton, but more engaging and less marked by the long political career, which would have won the hearts of ordinary Americans, especially American schools. But then had come the first statements and interviews, "no network" that had brought out all his lack of preparation, his ignorance of the facts, its verbal approximation. To many commentators, including conservatives, and many commentators who saw in her a version of a new "feminist right" had come to suspect that behind those glasses, carbon inside those brightly colored suit (not like the sober pantatailleur Hillary) over those high heels, there was nothing. So the curiosity about how it would behave in his first national prime time, under the eyes of nine million viewers, was very high. How did it go? We must start by saying that there were no shots of the theater, bars effect, or answer withering, then those that run on youtube for days. The two candidates were very cautious and disciplined, have prevented the attacks and broken, as they say, to bite the jugular. Those who expected broken bones and bloodshed, as all'autoscontro, were disappointed. In the end, something more is understood of their character, their programs and candidates they support. Biden has paid attention to the recommendations of his advisers, even when he could (and would have been easy for him), avoided a catch in foul his opponent for not giving enough of an impression. It 'been sober, responsible, contrary to his habits, not too lengthy; stated facts, names, numbers, leaving the viewer the impression of facing a serious candidate and prepared. His criticisms of the McCain has focused on the candidate and not on his deputy. Sarah Palin is hard to say. After the disastrous interview last week with Katie Couric of CBS, in which - according to the consensus-was that a lot of nonsense, and most had said the wrong, the expectations were very low. Started from so low that he could hardly do worse. The best hot comment at the end of the debate, was a journalist of "The Politico, an influential piece of Washington:" It's not too bad, so it went pretty well. " The fact is that Sarah, with all his inexperience on the national scene, is accustomed to such situations. The "format" knows well and has practiced several times. He built his entire political career on the model "a young and enterprising woman of principled conservatives seeking a mature politician, possibly liberal and spendthrift, on the bite to take his place." So did to win the seat of mayor of Wassilla, so he has done to undermine the governor of Alaska and other political notables. Thursday night, he recited the same script with Joe Biden, who has succeeded to a certain point, because Biden is indeed a liberal spender "(according to the views of Republicans), but it is not and has not done PIVELLINA outwit. To do this, the young Sarah has used all the tricks with which Republican has won the people: a folksy language to everyone, a wink to the camera, sent a kiss to the public at its entrance into the hall, constant references to his status as a mother who discuss real politics - not that the politicians - around the kitchen table. In conclusion, it has moved with skills on a hot tin roof of the policy, without falling and without getting too bad. But like the cat in the film, could not avoid giving the impression of having been catapulted into a world that is not his and which is woefully inadequate.