Is there something to envy Europe for?

[mahnmut]

In the financial sector I mean.

I think the one thing to be jealous about is the fact that after the crisis, Europe actually started to address the issues of:

1. Market deregulation, particularly risky finances, and the troubles that come with it.
2. Transparency and accountability in the financial sector.
3. Protection mechanisms against balloons and busts.
4. Ridiculous bonuses for bankers who've run whole economies into the gutter.

For a time it looked like Obama would keep his promise to address these issues. But that was only until the, maybe 10th day of his presidency. Then we saw who were the guys he chose to surround himself with. And all hope was lost for a change.

And change didn't come.

The US economy may still be more versatile but the lack of political will to address its flaws means that the framework is now tilted in favor of other regions, and the US financial dominance may be pushed away sooner than most of us are expecting.

As for Europe, it may still have to heal itself from the ditch it was put into (yes, including wounds like Greece, Ireland and Portugal), granted. But there are some good signs there that I'm not seeing at the other side of the pond.

Comments

[kardashev.livejournal.com]

Oddly enough, the wife and I just finished watching Inside Job.

C'mon dude, did you really think Obama was going to be less corrupt than the guys who prceded him even if only for a second? The only prayer us Americans have to end Wall Street corruption is to stop voting Democrat and Republican. Doing the same thing over and over and expecting to eventually get a better outcome...you know what that's called, right?

[mahnmut.livejournal.com]

Being the cynic that I'm becoming for some time (though I'm still kinda trying to resist that), I don't really think any US president would be different from the previous one, nope.

Stopping voting for A or B (which is again A) might sound like a nice idea, and even if you elect (or bring by force) C, which initially might look different from A and B, eventually C will get corrupted by power and become like them. Unfortunately I don't see hope for you guys. :-P

[kardashev.livejournal.com]

Well, it's not like vote for C instead of A and B. It's more like vote for C, D, and E instead of A and B. If C gets voted in and doesn't go back to regulating Wall Street, then move on to D, etc.

Thing is C, D, and E can't even get elected because most of us americans are a bunch of dumb conformist sheep. The one thing that makes these alt parties look good is also their greatest weakness: They have no financial backing from the fat cats.

But yeah, there isn't much hope for us. We've become a nation filled mainly with weak-minded pussies who won't stand up for themselves or even admit who the real culprit is.

[mahnmut.livejournal.com]

What makes you think C, D and E wouldn't become another A+B? The system is designed in such a way that even if you keep making electorial experiments until you run out of alphabet letters and start using digits, chances are it'll end up the same way.

[kardashev.livejournal.com]

What makes you think C, D and E wouldn't become another A+B?

That's the rub. They might. I'm not ruling it out.

The only way to make sure c, D, or E introduces reforms is for us Americans to not get cocky. We'd need to keep on their asses. Eternal vigilance, you know.

But that's the other rub I pointed out: Most Americans are stupid weak little sheep without the backbone to do this.

Seriously, Egypt is more deserving of a democratic republic than we are. Oligarchy happened because we collectively let it happen.

[mahnmut.livejournal.com]

Every nation deserves its rulers, I guess.

[kardashev.livejournal.com]

Bingo.

[abomvubuso.livejournal.com]

Interesting documentary, that. Some high-profile names missing from the grilling chair, though (for reasons well known).

[kardashev.livejournal.com]

Who would you say is mkissing and why? I'd like to write a critique of this documentary sometime and anything they've left out would be helpful.

[abomvubuso.livejournal.com]

They actually listed every single high-ranking guy from the financial circles that they tried to interview and that declined to appear on the documentary. While watching it you can occasionally see a caption saying "XXX declined to be intervewed for this film".

[kardashev.livejournal.com]

Ohhh, those guys. I thought you meant that there were other people who needed to be put on the hot seat that weren't.