mame
Well-Known Member
I just went to check the news for progress on this and I found this:Which is all true. I'm actually surprised the republican's anti-recovery strategy hasn't been more effective.
Still, the single biggest factor in the 2012 election will be one that isn't even being discussed. The economic stability of the European Union. If they get their shit together and are heading towards recovery, the US economy will improve. If they fuck up, it will likely send the whole industrialized world into a double dip recession, including us. Obama will be blamed for that if it happens and that will be successful. Americans don't understand how the economy works. If it's recovering, Obama is a sure thing to get reelected. If we experience a double dip recession Obama will be blamed and thrown out of office. It doesn't matter that Obama has nothing to do with economic recovery in Europe. He'll get the blame or the credit for the EU's effect on our economy.
/facepalmThe German Finance Ministry has proposed giving EU authorities veto power over Greek budget policies as a condition of more bailout money, which Athens rejected as an infringement of national sovereignty.
This is why soveriegn nations with competing interests can't share a currency. If they ever get a deal on those bonds through though, it'll help dramatically. Greek debt as a percentage of GDP would take a cut, and investors would still likely be paid interest rates between a more reasonable 3-4% rather than the 7% (haven't checked lately TBH) they're currently set to be paying.