European Banks Downgraded - Global Depression Coming?

5 major European banks in (including institutions in France, Denmark, the Netherlands and Finland) were downgraded by Fitch Ratings. The Young Turks host Cenk Uygur explains the potential implications.

http://www.washingtonpost.com/business/markets/fitch-downgrades-debt-ratings-...

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Category:

News & Politics

Tags:

• eurozone crisis
• european banks downgraded
• credit downgrade
• global depression
• banks ireland
• denmark banks
• finland banks
• european economy
• us banks
• financial crisis
• goldman sachs greece
• greece debt
• nomi prins
• young turks

[enigma1990]

Its becoming painfully obvious from how well Australia's economy is doing compared to pretty much every other is that stimulus always trumps austerity - The only sector which should be taking a hit are the godamn assholes who screwed up the system - Bankers! Plus does anyone regulate these ratings agencies? Seems like an awful lot of power to hold over a nations reputation...

[endauthority]

@tooltalk socialism maximizes individual rights, because individual rights arent actually tied to property ownership. Property ownership gets in the way of individual rights.

Property ownership is a collective function of government, not of the individual.

[murattk22]

@enigma1990 You think Australia is doing well?? Seriously have ya watched the news?? The only thing keeping this country floating and in the green is the mining sector, other then that the government does not care if jobs go overseas and more and more people become unemployed, but frak it right!? As long as we get our Sunday BBQ everything is fine right??

[ToyletGnome]

Thanks guys. Thanks a fucking bunch.

- Australia

[StarsManny]

In Spain now most young people are unemployed. And the unemployment rate is rising.....

[damnitw]

yes and why are these banks in trouble....because america dreged us down with them

[Ollie9402]

@Plato86 Greece has taxation problems for institutional reasons, and it's just a statistical fact that Greeks work more.

In 2008, according to the OECD, the average Greek workers worked worked 2,120 hours, the Spanish 1,647 hours and the Italiens 1,802, but the Germans 1,429 hours and the Dutch 1,389.

[Ollie9402]

@Plato86 US gov't bonds would have been graded just as poorly as the PIIGS's if it had been a member of the euro zone. The US is safer now because it is large, powerful, and independent. It's not like the gov't of the US plays a much more fruitful role in the country's economy. Ireland and Spain didn't even have budget deficits in 2007 by the way, so the problem isn't social democratic spending programs.

[Ollie9402]

@tooltalk It isn't a theory, just a description. This less gov't still includes types of public services that help ordinary people with many things throughout their lives. Most people in those countries wouldn't say their views on the government's role in the economy has changed a lot.

[TheCreeperhunter]

I was kind of hoping the rest of the world wasn't quite as fucked as the US. That hope is starting to dwindle....