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Kasz216 on 14 October 2012
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SamuelRSmith said:
Ledreppe said:

I bet you're American, cause you seem to be forgetting that it was the American's who started the Global economic crisis. It all started with the American 'toxic' housing mortgage crisis, and it swept across the world. You're just shifting blame to the Europeans because the Americans have long forgotten where the problem originated. I've noticed Obama has forgotten this too and has been blaming Europeans for supposedly 'dragging' the rest of the world down with it. I have no problem with Europe getting the peace prize, it's just ignoramus' like you who do.

-moderated Kasz216


1) He's British (though, I'm sure he'll tell you himself, when he comes online).

2) Central banks started the economic crisis. And the Eurozone crisis would have happened with or without the 2008 credit crunch.


Incidentally it's also worth noting that as far as banking regulations and derivatives regulations go... Europe's laws are actually more permissable in general then the US at the time of the GFC.

Most of europe actually had it's own real estate that burst along with the US bubble.  Without the US bubble bursting... the Europeon one would of bursted eventually on it's own.

 

As for central bank caused housing problems... I imagine you'll find this interesting.

http://www.bloomberg.com/news/2012-07-25/hong-kong-to-oslo-flirt-with-bubbles-on-cheap-cash-mortgages.html