The Joplin Globe, Joplin, MO


July 3, 2012

Our View: European bailout

— The United States, during the past week, has been consumed by the Supreme Court announcement upholding the Affordable Care Act.

Yet something of significant importance was going on in Europe as well. A European economic summit was held to try to resolve the crushing debt burden on many countries in the European Union.

The resolution, or so it seems from initial reporting, is that Europe is going for the quick fix by agreeing to lend more money to struggling nations and banks within the European Union. A European Union central bank has about $625 billion available for lending.

Prior to last week’s summit, those funds were subject to strong austerity demands, primarily to significantly cut spending before the loans would be made available. Now it seems that relaxation of such demands has been decided as the better course for Europe to take to help countries such as Spain and Italy, perhaps even Greece.

It seems Europe is now attempting to stimulate economic conditions much as we tried to do in 2009 with our $825 billion government stimulus to lower the unemployment rate and ignite more economic growth. We wonder if the European stimulus will be any more successful than our own attempts.

In our view, the underlying economic problem in Europe and the United States is that we spend far more than we can hope to collect in taxes. That creates ever-increasing debt in our collective democracies. The long-range solution is to begin to live within our means as democracies.

We tried a quick fix through a huge government stimulus using borrowed money. Now, the November presidential election may well depend upon the voters’ views of the success of that stimulus and plans for long-term stability in our economy.

Europe seems now to be heading down the same path. We wonder how Europe might deal with the results three years from now.

Text Only
  • Our View.jpg Our View: No need for No. 9

    “Shall the Missouri Constitution be amended so that the people shall be secure in their electronic communications and data from unreasonable searches and seizures as they are now likewise secure in their persons, homes, papers and effects?”

    July 29, 2014 1 Photo

  • Your View: ‘Right to Farm’ is wrong

    On Aug. 5, voters will be asked to make a decision about Amendment 1.

    July 29, 2014

  • Your View: No on Amendment 7

    The Missouri Department of Transportation is wanting more money through a three-quarter-cent addition to the sales tax. Consider one example of how it spends your money.

    July 29, 2014

  • Your View: Bad way to get revenue

    I received two fliers through the mail today asking me to vote “yes” on Amendment 7, which would add a three-quarter-cent tax to Missouri’s sales tax to help maintain roads and bridges.

    July 29, 2014

  • Other Views Other Views: Symptom of bad policy

    The Obama administration continues to be surprised and shocked when its policies of good intentions suddenly meet the hard reality of unintended consequences.

    July 28, 2014 1 Photo

  • Rebecca French Smith, guest columnist: Amendment 1: Farmers are 'boots on the ground'

    Take a moment and ask yourself who was the last person in your family to farm.

    July 28, 2014

  • Your View; Makes no sense

    Chess was never my game. It’s too complicated.

    July 28, 2014

  • Your View: Time value of money

     I was shaking my head along with Anson Burlingame (“Much has changed in U.S. over 14 years,” Globe, July 22), then he offered his readers a chance: “Go ahead — take your pick.”

    July 28, 2014

  • Your View: Boiling a frog

    We voters are now being urged to vote on Aug. 5 for Amendment 7 “to fix our roads, highways and bridges.”

    July 28, 2014

  • Our view: 'Yes' on 7

    Opponents of Amendment 7 say this: “Missouri families are already hard pressed to pay their bills during this period of slow economic recovery.”

    July 26, 2014

Local News
Twitter Updates
Follow us on twitter

Given that the U.S. Supreme Court has ruled that electronic devices and communications are protected from searches and seizure without a warrant, do you think Missouri needs Amendment 9 added to its constitution?

A. Yes.
B. No.
     View Results
NDN Video
US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming Traditional African Dishes Teach Healthy Eating