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Judith Miller of the Manhattan Institute on the political unrest surrounding the debt crisis in Europe.
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-- trying to war -- of money -- while concerns about it Green.
The year as an intact because quotes.
We would see domino effects very quickly and according to our next guest says effects won't just be in the financial area we could see also.
Violence and protest joining us now is Judith Miller.
I fellow at the Manhattan institute thank you for being here with -- and we focus so much on the financial aspects obviously it's a business our.
There's also a great danger of political repercussions.
That we've already seen start to sort of flare up if you -- places like Spain as well as in it in the United Kingdom.
What just a chance of contagion happening at least in the political sphere.
If things continue.
To decline.
Well that's precisely the calculation.
And Angela miracle has to make in Germany.
If she starts cutting back if some of her banks are vulnerable if they're not willing to pick up the slack for Greece.
You could have a really.
Dangerous destabilizing effect on the entire system that could lead to the kind of unrest that we saw in London.
When you realize that over a hundred million pounds of lost business occurred in just four days in London.
That's precisely the kind of instability violence social unrest.
Very well organized unions that the European leaders are worried about.
But do that those in this cases that might be similar to maybe that -- spring in the sense that we saw a lot of young people in UK you feel like.
They have no opportunities now Obama German taxpayer I probably have a torture my hand right now why we bailing out -- -- -- did -- -- so we're really bailing out German or French banks yeah right right so why.
Hello that what you know in other words why wouldn't work in this hard to do that and at some point taxpayers all the -- Super -- about this kind of stuff.
Well you know we're doing it because the alternative may be worse the alternative may be the kind of social unrest.
It threatens the social and political compact and stability of Europe.
And little she surely stock -- -- he's between a rock and a hard place it of course.
Of course her citizens are gonna be furious why should Germany pay for the rest of the Europe.
But you know that's the way to cookie crumbles another problem is that if there's no money they're not going to be able to support -- don't.
United States is already paying 75%.
Of the budget as opposed to 50% ten years ago it's gonna.
Increase tensions between United States and so there's no choice really is really notre I think you know really.
We're talking Greece here it's to -- 3% of the eurozone GDP.
It is not that is it sounds like a lot 250 billion dollars worth of losses but it's not a lot in the context.
-- -- sixty trillion dollar eurozone economy per year.
Yet -- what I find fascinating is that a lot of people believes that all the measures being taken a proposed right now.
Are a -- stop adores stop not just for the year for the European region but also.
For all around the globe global growth could be -- -- -- it's something does not happen.
In Europe what's sort of adapt worst case scenario that we can consider because everyone sort of thinking -- Brazil average -- on.
I'm China and India but they know you saying that if we don't be like Europe all of that could be affected -- I think you look at the -- the countries that have been growing Brazil's the -- that China's.
Very worried about this they're worried about instability in Europe because they know it will affect their banks -- financial systems -- economic growth.
China is very very worried -- has spent a lot of time talking not only the United States about this every European leader.
There is no such thing anymore as -- contained financial crisis in one country not going to happen.
-- -- -- Very well thanks a lot do the thing.
I'm not happy -- I'm.
Canada thank you very much there.
What you know what we want to know what you think I say it's time that taxpayers it's time to stop bailing out banks around the world they take risk they have to take the losses.
We want to hear from you in relatives -- Bonnie and Charles of foxbusiness.com.
Include your name in your hometown again that's your body and Charles at foxbusiness.com.
And coming up -- regulation patiently here on fox business and one industry that's feeling the impact of this.
In the oil industry congressmen child -- stadium Louisiana we'll tell us how oil regulations are hurting the economy and He is at stake in particular.
And still ahead prices of hot may have reached their -- three years ago but Americans are likely to spend more on gas this year.
Than ever before how do we make up that funny math.
We'll tell you exactly how coming up next on Fox Business.
-- Yeah I don't.
