Posted on 06/18/2005 4:45:25 AM PDT by Panerai
A bitter war of words has erupted among EU states after the failure to reach an agreement on the union's future budget.
German Chancellor Gerhard Schroeder blamed UK and Dutch obduracy for one of the EU's "gravest" crises.
UK Foreign Secretary Jack Straw expressed sadness, but said the failure could prove a turning point.
The EU's current president Jean Claude Juncker said he was ashamed poorer countries had offered to cut their EU income to reach a deal.
The summit collapsed after Britain refused to accept a demand by France and some other countries to accept a reduction in its EU rebate.
The BBC's correspondent in Brussels, William Horsley, says the recriminations mark perhaps the deepest and most spectacular bust-up ever in the EU.
It comes just weeks after voters plunged the union into uncertainty by rejecting its proposed new constitutional treaty.
(Excerpt) Read more at news.bbc.co.uk ...
They can't afford a war over there. Britain would roll over them. The crews from "Monty Python" and "Kids in the Hall" would wipe out the French armed forces in a day.
Even France recently reported that 38% percent of French men "Yearn to be pregnant". If war came, they would find a means to do so.
At any rate,there aren't enough "depends" to sustain a French army in the field.
War won't come to Europe via the Europeans any time soon. It will be waged upon them instead.
Even Europeans are no longer so blind to the arrogant preaching of the French and German political elitists.
France has been benefiting financially more than any other country, since the beginning of the EU, because the agricultural subsidies are weighted in its favor. It was, is and always will be the unilateralist bully - my way or the highway - in Europe.
Germany, since the late 1970s, in its pacifist mode, has become a French poodle and little else.
You can actually measure the economic decline of both Franc e and Germany in tandem with the growth of the budget and regulatory powers of the EU. Socialism on the March, to its own destruction as usual.
I love the way the EU bureaucrats claim what they do is so important that if not allowed to do it, a "crisis" exists. And the media goes along. The EU IS the "crisis", the breakdown of the EU the solution.
Laugh if you like, but I have been dead on in predicting the dollar recovery while giants like Buffet have taken a bath. The fundamental reason probably had more to do with interest rate hikes, but the anti-American sentiment took the dollars to lows that it had no business being at.
very good!!! quite talented!!
"German Chancellor Gerhard Schroeder blamed UK and Dutch obduracy for one of the EU's 'gravest' crises."It didn't occur to him to blame his own stupidity. (Such is the way of morons.)
"Jacques Chirac said Britain's behaviour was 'pathetic', adding he was shocked by the 'arrogance of several rich countries'"It boggles the mind to imagine anyone as pathetic and arrogant as Chirac accusing someone of being pathetic and arrogant. (Such is the way of buffoons.)
"It is in many ways a sad day for Europe."It's nothing compared to the sad day that's coming if the Europeans don't wake up, come to their senses, and face reality!
Hey Chirac you hypocrit - your arrogance is appalling because FRANCE is one of the rich countries and its your pathetic selfish attitude that is unyielding! Time for France to DUMP Chirac overboard! What a LOSER!
My thought exactly, but you said it more politely than I would.
One irony worth noting is that the Europeans actually want a weaker euro to help their exports, so I don't know what kind of satisfaction you would get out of it, since it's a safe guess your comments are themselves based on anti-Europeanism.
More importantly, the Bush administration has given no sign that they want a dollar much stronger than it is now, and I can't see much reason why they would. The types of policies that would bring it about are not attractive in the current political landscape. If anything, what they want is a significantly weaker dollar relative to China. By the way, guess what this would require? You're right - Chinese diversification out of dollar assets. And guess what the prime target of such diversification would be? Bingo. Euro assets.
Furthermore, the factors that led to the dollar's decline - which are the deficits and relative interest rates - give no indication of changing anytime soon. There's a currency battle taking place alright, and it is between US and EU attempts to weaken their currencies, which the US is winning quite spectacularly thus far - the recent trivial correction notwithstanding.
And yes, you are clueless so far as this goes. I hope you don't have any actual money riding on it..
PS. It's worth noting that US doesn't want a significantly weaker dollar than right now either, relative to the euro, at least so far as I can discern. I'm reasonably sure we are right around where they wanted it to be as of a couple years ago.
Yeah, they need that "one voice" that they were touting before the election to speak for the EU, and steal from the taxpayers a little too.
"This time, if they start a war "over there" let us stay "over here"!
I concur, the world has rarely seen frog blood spilled for France, much less Europe. But, I'd be more than supportive of helping the Brits with a Lend-Lease program again. Then again; considering French and Germany military abilities, it's probably not needed.
tuck
"Good time to be investing in the Euro"
Why don't you just give your money to me? You'll save yourself the hassle and stress of following the volatile currency markets, especially as they apply to the Euro.
I was being sarcastic
"I was being sarcastic"
I am completely serious.
Give me your money.
If I had money riding on it, I would have been rich by now. When everyone was down on the Dollar and Soros and BUffett were heavily betting against the dollar, this is what I said (BTW, the Euro has fallen from $1.35 to $1.20 since):
When rich guys' superstitions pose a public threat(Gates & Buffett talk down the dollar at Davos)
Warren Buffett sees no way but down for US dollar
I am doing just fine in other areas, but I would have made a killing betting on the dollar. My money is tied up in business or I would have.
The Fed has raised rated numerous times this year, so that has changed. The US has always had Trade deficits and spending deficits, so crying wolf about those is pretty dumb. The US is more capable than anybody of growing out of debt. With Europe aging population, they are in worse shape then we are long term. I wish Europe the best, but I just think they are headed towards a socialistic hellhole.
"UK Foreign Secretary Jack Straw expressed sadness, but said the failure could prove a turning point."
Hey, let's contact this guy and see if he'll buy the Brooklyn Bridge from us. Then we could all go on a cruise for a couple of weeks.
Big deal. If you wanna go back through FR posts (have fun! I'm not doing it) you will find that I switched my investment heavily into euro denominated assets back in late 2002 and early 2003, watched the dollar lose a third of its value, and started gradually switching out this past winter saying that the dollar was due for a correction by this spring.
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