Just some Comments

All you need to do is look at my Blog and you will note that I am mostly concentrating on Pictures. Only rarely do I post an opinion about what goes on in the world. That, however, does not mean that I don't have an opinion. In fact, some people tell me that I am "the most opinionated" person they know. (I don't think that's a compliment.)
This time I would like to say a few things about the  financial crises experienced by some European countries.
Everybody knows how many Billions of Euros it took and will take to prevent the financial collaps of Greece, Ireland, Portugal...  Now the worry concentrates on Italy. A country, lead by a playboy-politician, of 60.3 Million inhabitants, creating a Gross Domestic Product of 1,549 Billion Euros, and carrying a Debtload of 1,843 Billion Euros, or, 119% of its GDP.
So far, so good. The American Ratings Agencies, Standard & Poor's, Moody's and Fitch, having examined the performance of these countries, have downgraded their credit worthiness... what were they supposed to do? Upgrade them???
So now comes the "Justizkommissarin" (don't you just love the name) of the EU, Mrs. Viviane Reding, and thunders: "We cannot tolerate American Private Companies to destroy our currency, the Euro. These rating agencies MUST BE SMASHED. Either", she continues, " the G20 States in unison decide to smash those three rating agencies, or the G20 challenges the U.S. to make 6 out of the above mentioned 3 Rating Agencies. Also, she continues her diatribe: It must be forbidden for these rating firms to downgrade a country's credit rating, if this country is under the European Euro Umbrella.
Just how she intends to go about "smashing" three American companies, or how simple she thinks it will be for the US government to break three privately held companies and make six out of them, the good "Kommisar" does not say. Instead of urging the wastrel countries to adopt a saner, more realistic, operation of their affairs, she insists that the Agencies which observe and report on the financial strength or weakness of large firms and countries should be "smashed" and broken into pieces. Would it make a lot of difference whether 3 or 6 sources report on the financial difficulties of countries ?  And why Kommisar Reding thinks that the credit worthiness of any country which needs to get a loan "from the bank" must not be examined and reported upon she also does not explain. According to her: Telling as it is "Must Be Verboten"....

If ever there was a case of "Shooting the Messenger"....  surely this is it.

But, hey, that's the way we do it here in Europe: If something goes wrong, try and find an "American Cause".
If Greece wastes money hand over fist, if Italy now seems to get caught by its own wasteful governance, for Goodness Sake... Do not blame Greece! Do not find fault with Italy, or Ireland or Portugal...
No no no no... find the fault in the American Rating Agencies... as if they had anything to do with the fact that these countries ran up debts in excess of their respective GDPs ... under circumstances which makes a normal payback almost impossible.
Yes! This seems to be the European answer to all of its problems: "Blame the Americans."