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Investors Still Wary of European Debt

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  • Description

    Author Mark Steyn argues that EU markets will continue to suffer under the euro.

  • Duration 6:10
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This transcript is automatically generated

Debt crisis in Europe -- far from over it lives with -- does -- not.

-- sign off all of -- America is live with us now from Vermont mom -- the program always good to see.

They greatly reduced here before get started on Europe -- got something to tell the other day I was in a high -- grocery store law.

Two elderly ladies looked at me and shrieked.

And -- to the -- stock and class dole cold dead.

Pointed at me and said.

-- has -- Stein.

Well okay that's -- -- Thus far there's no less Providence -- -- Americans -- NN Baghdad I do know how to goes.

Now I have the same thing I was at price -- red -- old lady -- -- -- pay you about Prince William guy out there.

I'm talking to get out of there alive.

If you could only okay now yeah.

I say that Europe.

Is going to crash that you cannot save the Euro at -- I say the what David Cameron did.

By turning his back on the Euro and splitting off was a good thing.

And you say.

I I agree with that you cannot have a currency.

Fall by X Scandinavia and and Mediterranean Europe -- what you're talking to -- to go back to those.

-- -- -- -- -- You you imagine trying to -- get any kind of economic growth in Greece Greece.

The eight increased 100 grandparents have 42 grandchildren.

So if your debt ridden.

You really do not have enough the -- young domestic population.

To have economic growth domestically Germany is in the same problem but Germany makes products for export that that leads to issues of its and German banks for example hold trillion dollars worth of about sub prime mumbo Jumbo from the United States principally because that went on enough young people.

For banks to lend money to in Germany so they operated in markets they didn't fully understand these a huge structural problems.

And the idea that for political reasons for have essentially for political dream.

You can you can hold will be structural problems together.

It under one -- -- is dilution.

-- I think is the end of what if I say.

The end of European socialism may be -- going to be accused of going a bit far but it certainly I think the end of the European social model the cradle to grave of the endless taxation.

And all the rest of it I think that's over I think -- model is gone and you say.

I have absolutely I mean -- I think this is the real issue act and the and this is the difficulty.

-- politicians who understand this.

Such as Angola Michael I mean the the put the problem really in Greece is not a problem of the Greek finances.

It's a problem of the Greek people that when you when you have a situation wet head dresses get to retirement fifty because it's a so called dangerous profession.

Once once you get people used to that.

It's very difficult to tell ahead -- well sorry you got away until 65.

6878.

Once once you get used to that system.

And that's the real danger of these that's the real danger for the United States once you introduce these kinds of programs.

Trying to wean the citizenry -- them is all but impossible.

Real fast market do we get hooked Kia.

Our own financial lives upset if and when Europe crashes.

Well absolutely I mean I I think it's the idea that the the right which is basically the currency of the other half of the western -- Can collapse in this integrate new -- have consequences -- I -- don't forget that Germany.

Did -- the Europeans are arranging a so called IMF -- -- -- -- the United States.

Is -- is responsible for whatever it is 22% of funding of the IMF if you have broke nations.

Being bailed out by -- trans national organization funded by broke superpower.

The idea that's the solution to anything I think is pretty -- -- It's OK I have a serious question for you.

Why is it that you put out a Christmas CD we you singing on it now why do you do that -- -- do you and I we you know every time we get together we talk about basically -- big civilization will collapse if you gotta have a second straight to you about.

I think I think as and -- as a as a business model of that civilization will collapse and singing well love seasonal standards is is basically a rational divest of vacation.

-- that actually a funny about this is the full year -- dubbed this steer it.

I think in 2008 -- came -- with Bosch about a world which got -- -- seven of these -- -- -- we did lose body audit.

Which involve you can -- -- so let -- -- somebody that.

As a data is a business model the US taxpayer would have been bad dumping half a billion dollars of loan guarantees -- to buy Christmas single that in to Solyndra.

About thirty seconds left and I wanna show you something I'm gonna show you a picture of a young man.

And I don't know what you've got to monitor I think you do so you should really -- to see this.

Can roll out please and let's see if -- you have the slightest idea as to who this young man is this the left of your us Korean.

What a second that's a rotten -- to.

-- yeah -- who do you think that is.

Well -- -- I don't have a monetary and he does I -- and this is -- -- and we did it we did -- get the federal subsidy from all of that in fact.

Again I can tell you we've got a picture of my son.

46 year old Max volley.

On the screen next to you and -- really is a very close similarity.

And what we put it out on the gap guess who this character is a lot of people guess that my son was in fact marks the lines so there's some confusion between -- -- Mark Mulligan us right now yeah.

He's handsome -- by the way I'm telling -- that -- BA BA he is he is -- -- you tried to either whether he'll setting up -- sued it claiming that I would say I was the -- but at your neighborhood with however.

Three years ago it calls but I deny it ultimately let.

Time's up.

Five months on thank you very much into the excellent stuff -- -- --

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