Obama '08?

You are dead wrong. Check your facts.

In all of these countries, government spending - which was already high compared to our US levels - grew to accomodate the global financial bubble of the 1999-2008 era. This bubble was fueled primarily by real estate and speculative real-estate products in exactly the same fashion as ours was. In fact, many of the same banks were involved in owning these MBSecurities and CDSwaps both in America and abroad. This speculation led to a giant boom in the construction and housing industry.

When the market crashed, these governments were suddenly screwed - they had grown to rely too heavily on a source of income which was primarily fueled through speculation. They couldn't even come close to meeting their obligations at that point. In fact, it's exactly the same as what happened to us here in CA.

It is true that corruption in some countries, notably Greece and Ireland, exacerbated this problem to a great degree; but to say that speculation wasn't the cause of the crash is a total joke. You and other Conservatives have been attempting to blame the problems there on the structure of their society and their spending models. There's little evidence that those were the cause, though. Spain's economy didn't crash because of their spending levels, it crashed because their tax base evaporated...

Cycloptichorn

Spot on! Even governments around the world got greedy by their increased tax revenue, and didn't bother to govern the speculation on real estate. They all failed.

One other thing; the value of the Euro and British pound seems to have regained their value against the US dollar, but I don't see anything in their economy that justifies this increase. Their economies are in bigger trouble, and I see more speculation being vetted in money. It's a crazy world.

Crisis in Europe today? I wonder why no news organization is reporting it. Could tell us what that crisis is today george?

They disagree with him as to the proper method to run one's society. Therefore, everything that goes wrong over there is an indication of their incorrectness.

Cycloptichorn

+1

Resident Idiot

I am also seeing the underlying force behind the civil unrest in Egypt.

Radical Muslim extremists.

Where did you hear that?

His own brain.

That may be true, but I don't as yet see any evidence of it. On the surface it appears to be a popular desire for more liberty and democracy.

Imagine if we had had the same prez for 30 years. Most of us get sick of the one in office in just a couple!

Cycloptichorn

Have you ever heard Arab countries radio stations blasting the airwaves? I bet they are going at it hammer and tongs tonight.

Just in: Mubarak is addressing the Egyptian people on tv as I write this.
From what I have read, the demonstrations don't seem to have an organized leadership or any agenda beyond getting rid of Mubarak after 30 years.
It is true that there is a group called the Muslim Brotherhood which would like to spread into the breech if Mubarak is forced out.
They would not be pro-american.

Mubarak: "I have requested the government to step down, and I appoint a new government tomorrow."
Too little, too late, I think.

Does that include him?

... I see that it does not. I doubt this will quell anything.

Cycloptichorn

No; he's planning on staying.

I think it's a mistake to think Mubarak is going anywhere, any time soon.

His pledge to have the government step down simply means that scapegoats will take the fall.

He will likely announce a series of reforms designed to take the steam out of the protests, including a promise for near term elections.

If this works he will, once the fire has been tamped down, take the opportunity to round up the leaders of the protests, beef up security and back off promised reforms.

It does appear that the Muslim Brotherhood is sitting on the sidelines at the moment, but it is simply biding its time and watching to see which way this situation will tip.

It also appears that the current protests are being led by democratic reformers, but make no mistake, if they prove successful in toppling Mubarak's regime, the Muslim Brotherhood is not going to simply let them enjoy the fruits of their victory.

Could be, Finn. I am following the BBC. Sure enough, Mubarak said "We will continue our political, economic and social reforms for a free democratic society."
Within minutes of the address, protesters were on the streets: "(D)own with Mubarak."
1/3 of the world's oil passes through the Suez Canal. Oil this evening is up 4.3% vs yesterday.
A lot of stuff streaming through the BBC is, by their admission, unfiltered at this point.

Apparently government forces have taken back central Cairo and protesters are on the run.

He came to power after Sadat was assassinated and has held on firmly for 31 years. He's pretty old (80 something) but remains a tough old bird who is not going to give up as easily as Zine El Abidine Ben Ali did.