Briefly describe the problems of the Western development model reflected in the debt crisis in Europ

From two aspects, internal factors: structural contradictions within the country, such as over-reliance on export-oriented economies such as tourism, such as Greece. The external factors are mainly the internal defects of the euro monetary system, the contradiction between a unified monetary policy and a decentralized fiscal policy.

The United States has long made the fight against the euro an important goal, and the European debt crisis has the shadow of the United States behind it, and all countries in the world have a large amount of dollars in reserves. If the euro replaces the dollar, it will be a very painful thing for the United States.

Behind the European debt crisis is a deeper contest, that is, the United States and Europe are engaged in a war of currency dominance and debt resources. In fact, the United States continues to maintain the "structural power" conferred by its financial and monetary hegemony. Since the birth of the euro, the euro has been the world's most powerful potential competitor, comprehensively challenging the hegemony of the US dollar.

First, the euro weakens the dollar's position as a settlement currency in the international league. For emerging market countries, the euro offers an alternative to the U.S. dollar as a settlement currency. Since the main export commodities of the euro area are competitive with those of the United States, an increase in the volume of euro settlements will inevitably lead to a decline in the volume of dollar settlements.

The settlement volume is the pricing power, and the decline in the proportion of the dollar settlement volume means that the United States has lost the pricing power in the international market. The best way for the United States to crack down on the euro is to convince the world that the euro is an unsafe product with no sustainable security identity.

As a result, the U.S. rating agencies have recently downgraded the sovereign credit ratings of Greece, Ireland, and Belgium, and have taken turns to create turmoil in the European debt crisis and shorted the euro on a large scale. Although the current US Treasury debt ceiling has been breached, the 10-year US Treasury yield and the 30-year US Treasury yield hit five-month lows, and the US Treasury note was oversubscribed, allowing debt financing to proceed smoothly.

Between internal and external attacks, the European debt crisis is no longer a crisis of the five European countries, and the risk of the debt crisis spreading from the peripheral countries to the core countries is further increasing, and what awaits Europe will be a new round of debt storm.

The causes of the international debt crisis should be analyzed from two aspects: the domestic policy mistakes of the debtor countries and the impact of the external environment of the world economy.

1 Internal causes. 1) Blindly block a large amount of foreign debt, and pursue high-speed economic growth in an unrealistic manner.

2) Mistakes in domestic economic policy.

3) The foreign debt borrowed has not formed a reasonable debt structure.

4) The external debt borrowed is not being used efficiently.

2 External economic conditions.

1) The world economic recession in the early 80s of the 20th century, dominated by developed countries.

2) The rise of interest rates and the US dollar exchange rate in the international financial market.

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Are you from the Kawamin Temple?

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In fact, in my opinion, the debt crisis in Europe and the United States is a confrontation between the world's economic powers, and according to benign development, the crisis can be overcome, provided that no one makes a bad decision.

Objectively speaking, the crisis in Europe and the United States is a series of secondary crises caused by the turmoil in the US economy, which controls the lifeblood of the global economy, but because the process of European integration ignores the strict economic review of each member state and blindly pursues economic scale, it leads to a domino reaction

The essence is actually the step-by-step amplification of human greed in capitalist production... Socialism is no exception, and it is only a matter of time before it collapses...

Human greed--- advanced consumption and the proliferation of financial derivatives in capitalist production.

The result of the dual effect of excessive welfare and economic depression.

It is the result of excessive consumption, and it is the inevitable that Yin eats grain.

1. The causes of the European debt crisis.

1. Excessive borrowing.

** Chronic over-indebtedness in the sector and the private sector is a direct cause of the crisis. As shown in Table 1, with the exception of Spain and Portugal, which experienced net savings surpluses in the 90s of the twentieth century, all five PIIGS countries were in a state of debt investment between 1980 and 2009. Long-term debt investment has led to a large ** fiscal deficit.

The EU's Stability and Growth Pact stipulates that the fiscal deficit should not exceed 3 per cent of GDP, and in 2007 and 2009, when the crisis was formed and erupted, the deficit increased sharply. In the case of Greece, for example, from its accession to the eurozone in 2001 to the eve of the crisis in 2008, the average annual debt deficit reached 5%, compared with only 2% in the eurozone during the same period. Greece's current-account deficit averaged 9% annually, compared to just 1% in the eurozone for the same period. In 2009, Greece's external debt ratio to GDP reached 115%, and the country, accustomed to overdrawing its future, has gradually lost the capital to continue borrowing.

These problems are prevalent in the PIIGS Five.

With the deepening of regional integration in Europe, some countries with low levels of economic development, represented by Greece and Portugal, are gradually on par with developed countries such as Germany and France in terms of wages, social welfare, and unemployment benefits, and the part of their expenditure exceeding their domestic output is increasing. Because wages and various social benefits are difficult to adjust downwards after the first year, that is, there is a so-called "stickiness", which leads to the rising debt ratio between the first and the private sector.

2. Dereliction of duty and system defects.

The five countries of PIIGS have experienced such a serious crisis, and the five countries** that are slow to act, inactive or indiscriminately prescribe "medicines" cannot escape the blame. Although the performance of the five countries before the crisis was different from that during the crisis, their dereliction of duty was an important contributing factor to the crisis.

2. The impact of the European debt crisis.

The impact of the European debt crisis on other major countries.

Developed countries outside the eurozone, represented by the United Kingdom and the United States, have been less affected by the crisis at the level of the real economy. Although Europe is the second largest export market for the United States, the U.S. economy is very dependent on European demand because exports account for only 7% of U.S. GDP and the overall European exports contribute only 1% to U.S. GDP. However, financial institutions in the United Kingdom and the United States hold a large number of bonds of crisis countries, and the prospect of repayment is still uncertain.

Countries that rely heavily on exports, such as Japan and China, may be affected by the economic downturn in the EU, which in turn will affect their own economies. The EU is China's largest export market, and China's economic growth is largely dependent on external demand, and if the crisis is not properly resolved, it will inevitably be transmitted to China at the entity level.

The impact of the European debt crisis on the financial sector.

3. The outlook for the European debt crisis.

Development trend and outlook of rescue mode.

Countries in crisis are no longer able to solve their own chronic problems on their own, and the assistance programs and assistance levels of neighboring countries and institutions will determine the course of the crisis to a large extent.