G20 summit: Leaders alarmed over eurozone crisis

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World leaders meeting at a G20 summit in Mexico have urged Europe to take all necessary measures to overcome the eurozone debt crisis. . . .

Ah , the beauty of the Economic Summit. 20 nations all getting together , each saying "You should do this because this would be beneficial to my country and I actually don't care how much harm it would do to your country. " It is truely a thing of beauty.

Take Germany ,for example, lending Greece more money. Do you think Greece actually got more money ? Or do you think Germany said "We're applying it against this months payments to us, and by the way your payments just went up, way up !Because we're taking the interest on this loan to what you already owe !"

The European Union has only one way to fix itself. A federal government. Which they don't have. Right now they have a consortium of squabble-some individual governments, and no federal government to even things out. No federal government to produce transfer payments to help the poorer parts of the Union , no federal government to decide they need to print a little more money because raising taxes isn't going to work.

Right now , what is going to happen is that nation after nation (Greece like the third one , Spain is forth) is going to get these bail outs with high interest loans attached to them that just kicks them when they're down. And sooner or later , they will reach the point where it doesn't matter what they want. They will have no choice but to leave the European union. They'll owe so much money that they'll have to close all the hospitals and cut off all the old peoples pensions. And you think that's going to be allowed ? No , they're heading for the door when that happens.

The European Union is going to shake off the poor nations that joined it ,that they worked so hard into wooing to join it , and there is only going to be a small group of rich nations left. And one by one , those rich nations , who still don't have a federal government , will get into trouble and bail, until there's only one or two left, and they voluntarily agree to shut it all down.