Euro = 1.30 dollar

**borked** · 11-24-2006, 10:04 PM

Originally posted by gfx3

This has nothing to do with the euro, I live in Europe and those cheap mortage rates have always been like that. They are so cheap because if you stop paying back the loan the bank takes the house and put it up for sale so there is no risk for them to lose the money they loaned.

I know that Americans prefer new homes but in Europe the age of a property makes no difference at all, so a property doesn't lose any value. That is why banks can offer these cheap loans.

I know you can buy building plots in California where you pay 1$ for a square metre while in Europe you pay 150$ per square metre so this is also something you need to take into your calculations when comparing mortgage rates between Europe and the US.

As for property I did some digging where you could get the best value for your money and when you compare Europe and the States the US is the best place to settle and get the most for your money.

I wasn't comparing the Euro to $ in that post - it was a reply to there was no benefit in the Britain joining the Euro, and last time I looked, British mortgage lenders did the same thing - repossess and sell the house on default.

And that low interest rate on mortgages IS because of the Euro - the Bank of England base interest rate is now at 5%, wherease the European central bank is at 2%. It has got fuck all to do with whether the banks repossess the house, it's to do with WHERE the banks get their money form to lend to you.

**spunkmaster** · 11-24-2006, 10:09 PM

Originally posted by sperbonzo

You're kidding right?

do you understand basic economics?

The dollars weakness is GREAT for the US economy. Our exports and corporate assets are strong sellers.

The over strong Euro, on the other hand, is flattening out the EU economy in a really big way. This is why unemployment in the EU is twice to 5 times the US rate, your export market is in the shitter, and the heads of banks in places like Germany are trying to figure a way to get out of the Euro and go back to the Deutchmark.

Don't buy the hype pal.... look at the realities of the situation.

.

Hey Mike,

This will shut them up:

New study compares GDP and growth:
EU versus USA

If the European Union were a state in the USA it would belong to the poorest group of states. France, Italy, Great Britain and Germany have lower GDP per capita than all but four of the states in the United States. In fact, GDP per capita is lower in the vast majority of the EU-countries (EU 15) than in most of the individual American states. This puts Europeans at a level of prosperity on par with states such as Arkansas, Mississippi and West Virginia. Only the miniscule country of Luxembourg has higher per capita GDP than the average state in the USA. The results of the new study represent a grave critique of European economic policy.

Stark differences become apparent when comparing official economic statistics. Europe lags behind the USA when comparing GDP per capita and GDP growth rates. The current economic debate among EU leaders lacks an understanding of the gravity of the situation in many European countries. Structural reforms of the European economy as well as far reaching welfare reforms are well overdue. The Lisbon process lacks true impetus, nor is it sufficient to improve the economic prospects of the EU.

EU versus USA is written by Dr Fredrik Bergström, President of the Swedish Research Institute of Trade, and Mr Robert Gidehag, until recently Chief Economist of the same institute and now President of the Swedish Taxpayer's Association.

http://www.timbro.com/euvsusa/

**borked** · 11-24-2006, 10:11 PM

http://www.housepricecrash.co.uk/base-rates.php

I tell a lie, the ECB is at the moment at 3.25%, so mortgage are going to be at a higher rate than when we got ours (Aug 2003, when it was at 1%)

**mikeyddddd** · 11-24-2006, 10:24 PM

Originally posted by sperbonzo

By the way... that silly article must be kind of old.... the deficit has been cut WAY back, (because of the boost to the economy caused by tax cuts), the price of oil is falling, etc.... The stuff in that article is pure silly propaganda, and NOT based in reality. Do some research for yourself.... really

.

The damage has already been done by the huge deficit.

**borked** · 11-24-2006, 10:24 PM

Originally posted by spunkmaster

Hey Mike,

This will shut them up:

New study compares GDP and growth:
EU versus USA

If the European Union were a state in the USA it would belong to the poorest group of states. France, Italy, Great Britain and Germany have lower GDP per capita than all but four of the states in the United States. In fact, GDP per capita is lower in the vast majority of the EU-countries (EU 15) than in most of the individual American states. This puts Europeans at a level of prosperity on par with states such as Arkansas, Mississippi and West Virginia. Only the miniscule country of Luxembourg has higher per capita GDP than the average state in the USA. The results of the new study represent a grave critique of European economic policy.

Stark differences become apparent when comparing official economic statistics. Europe lags behind the USA when comparing GDP per capita and GDP growth rates. The current economic debate among EU leaders lacks an understanding of the gravity of the situation in many European countries. Structural reforms of the European economy as well as far reaching welfare reforms are well overdue. The Lisbon process lacks true impetus, nor is it sufficient to improve the economic prospects of the EU.

EU versus USA is written by Dr Fredrik Bergström, President of the Swedish Research Institute of Trade, and Mr Robert Gidehag, until recently Chief Economist of the same institute and now President of the Swedish Taxpayer's Association.

http://www.timbro.com/euvsusa/

Playing with statistics like that is bullshit!
How the hell can you have a GDP for a State??? Those values must be GSPs and are uncorrected for inflation and purchasing credits from the US govt, whereas GDP is corrected for inflation in that country, purchasing power parity per capita, and then internationalised on an international $. If you're going to break down the US into States, then break down things even further and look at individual cities: London for example with a GDP of $52k is second only to District of Columbia.

You can spin figures anyway you want if you're trying to make a point!

Internation GDP per PPP capita:

Code:

Rank 	Country 	GDP
$ per capita
1 	Luxembourg 	69,800
2 	Norway 	42,364
3 	United States 	41,399
4 	Ireland 	40,610
5 	Iceland 	35,115
6 	Denmark 	34,740
7 	Canada 	34,273
8 	Hong Kong 	33,479
9 	Austria 	33,432
10 	Switzerland 	32,571
11 	Qatar 	31,397
12 	Belgium 	31,244
13 	Finland 	31,208
14 	Australia 	30,897
15 	Netherlands 	30,862
16 	Japan 	30,615
17 	Germany 	30,579
18 	United Kingdom 	30,436
19 	Sweden 	29,926
20 	France 	29,187
21 	Italy 	28,534
22 	Singapore 	28,368
23 	United Arab Emirates 	27,957
24 	Republic of China (Taiwan) 	27,721
25 	Spain 	26,320
26 	Brunei 	24,948
27 	New Zealand 	24,797
28 	Israel 	23,474
29 	Netherlands Antilles, Netherlands 	22,750
30 	Greece 	22,392
31 	Slovenia 	21,808
32 	Bahrain 	21,565
33 	Cyprus 	21,177
34 	South Korea 	20,590
35 	The Bahamas 	20,076
36 	Malta 	19,739
37 	Portugal 	19,335
38 	Czech Republic 	18,341
39 	Barbados 	17,610
40 	Oman 	16,862
41 	Hungary 	16,823
42 	Equatorial Guinea 	16,507
43 	Estonia 	16,414
44 	Kuwait 	16,301
45 	Slovakia 	16,041
46 	Saudi Arabia 	15,229
47 	Saint Kitts and Nevis 	14,649
48 	Trinidad and Tobago 	14,258
49 	Lithuania 	14,158
50 	Argentina 	14,109
51 	Poland 	12,994
52 	Mauritius 	12,895
53 	Latvia 	12,666
54 	Croatia 	12,325
55 	South Africa 	12,161
56 	Seychelles 	12,059
57 	Chile 	11,937
58 	Libya 	11,624
59 	Antigua and Barbuda 	11,523
60 	Botswana 	11,410
61 	Malaysia 	11,201
62 	Russia 	11,041
63 	Uruguay 	10,720
64 	Costa Rica 	10,434
65 	Mexico 	10,186
66 	Bulgaria 	9,223
67 	Romania 	8,785
68 	Brazil 	8,561
69 	Thailand 	8,368
70 	Kazakhstan 	8,318
71 	Tunisia 	8,255
72 	Grenada 	8,198
73 	Turkmenistan 	8,098
74 	Iran 	7,980
75 	Turkey 	7,950
76 	Tonga 	7,935
77 	Belize 	7,832
78 	Republic of Macedonia 	7,748
79 	Belarus 	7,711
80 	Maldives 	7,675
81 	Dominican Republic 	7,627
82 	Saint Vincent and the Grenadines 	7,493
83 	Namibia 	7,478
84 	Colombia 	7,326
85 	Panama 	7,283
86 	Ukraine 	7,213
87 	People's Republic of China 	7,198
88 	Algeria 	7,189
89 	Gabon 	7,055
90 	Lebanon 	6,681
91 	Dominica 	6,520
92 	Saint Lucia 	6,444
93 	Cape Verde 	6,418
94 	Fiji 	6,375
95 	Samoa 	6,344
96 	Venezuela 	6,186
97 	Bosnia and Herzegovina 	6,035
98 	Peru 	5,983
99 	Suriname 	5,683
100 	Albania 	5,405

**borked** · 11-24-2006, 10:28 PM

And looking at the entire European union as a whole:

GDP-PPP per Capita ($USD) 25,536

That's not bad for a population of 456,319,275
(2004 figures)

**bigalownz** · 11-24-2006, 11:08 PM

I know what you guys mean

when i started it was usa 45c to NZ $1
now it usa 70 c + to the NZD $1

usa $1,000 use to go far with me now i cant get shit

**salesman** · 11-24-2006, 11:51 PM

Originally posted by SleazyDream

people keep thinking the US dollar will come back - think about it.

europe has a MUCH higher standard of education - a MUCH MUCH higher educated population and a higher average median income. The average european has soo much more education than the average american it's sick.

Ask an average american if they have traveled - they talk about travel WITHIN the USA - ask an average europen if they have traveled and they dont' even consider it travel if it's within their own country.

not to mention europe has MORE PEOPLE - a LOT more

the US dollar ISN'T comming back - the EURO will get stronger and stronger.

the only thing that in the next 20 years will rise is the chinnese dollar and other large 3rd world country currencies. The US dollar will stay where it is in relation to the euro or get worse - it isn't getting any better LONG term.

i totally AGREEE with you

**spunkmaster** · 11-25-2006, 12:01 AM

Originally posted by borked

Will oil ever start trading in Euro? If it does, and the Euro becomes stronger, then Opec will decide to switch trading to Euro.

On THAT day, the USA will become a crippled monkey.

You know after the first Iraw war, Saddam Hussein traded all Iraqi oil in Euro, refusing to trade in $. Ignoring the fact that that hurt the US quite a bit, but it made for an emergency Opec meeting in Spain ('93 or '94 I think), but it was decided to stay on the $.

Why doesn't the UK join teh Euro? Fuck what Gordan Brown bullshits about the 5 points or whatever it is - if the UK joins the Euro, then it will be under strong pressure to trade North Sea Oil in Euro, thus tipping the balance a little bit more to global Euro Oil.

I personally believe Iraq was about oil, but not control over the oil fields, but their trading currency.

Oh look, Iraqi oil switched back to trading in $ last August....

Don't you understand there's plenty of oil in the US but they cap the wells
until the price is too high.

All the Gov't has to do is cut off all tax breaks to the oil companies unless they start pumping and prices won't be Hurt by the euro.

The US also has technology that can replace oil pretty fast if the market demands it so don't think oil will be the downfall of the USA !

**Webby** · 11-25-2006, 12:15 AM

Originally posted by sperbonzo

You're kidding right?

do you understand basic economics?

The dollars weakness is GREAT for the US economy. Our exports and corporate assets are strong sellers.

The over strong Euro, on the other hand, is flattening out the EU economy in a really big way. This is why unemployment in the EU is twice to 5 times the US rate, your export market is in the shitter, and the heads of banks in places like Germany are trying to figure a way to get out of the Euro and go back to the Deutchmark.

Don't buy the hype pal.... look at the realities of the situation.
.

Excuse me

That is too damned funny.

Fact is the US has no exports to talk about - there has been a trade deficit since the late sixties. This year will see the largest trade deficit ever - obviously the weak dollar value helped increase this deficit.

Meanwhile the US is consuming more than it can afford with spending at 160% of wages.

Growth rates are not in the US or the EU, but in Asia. Despite that, at least EU countries actually have a fiscal policy and balance their books - something that is sure not happening in the US over the last few years.

That's the reality

**Antonio** · 11-25-2006, 01:51 AM

Originally posted by Webby

Meanwhile the US is consuming more than it can afford with spending at 160% of wages.

As far as spending goes it looks to me that the US government is just too scared to curb it - most probably the most effective way is to increase the basic interest rate which makes loans way too expensive - but yet again politicians only care about their re-election so why introduce unpopular measures, let the Americans spend, it's going to be their grandchildren that are going to pay the price...

and about Sleazy's comment (which btw has nothing to with economics) - the Europeans have better education but the Americans still have great professionals - meaning that a US doctor is at least as good as his EU colleague, the only difference is that he thinks that Canada is in Latin America

**mrthumbs** · 11-25-2006, 02:31 AM

i love the "but payserve pays in euros" comments..fucking morons

**borked** · 11-25-2006, 03:56 AM

Originally posted by spunkmaster

Don't you understand there's plenty of oil in the US but they cap the wells
until the price is too high.

All the Gov't has to do is cut off all tax breaks to the oil companies unless they start pumping and prices won't be Hurt by the euro.

The US also has technology that can replace oil pretty fast if the market demands it so don't think oil will be the downfall of the USA !

No, you misunderstood - I'm not talking about the American's need for oil. Oil drives the world economy and its trading currency is the US$. If OPEC ever switched to the Euro, the $ would be internationally dead. And along with it the US's only strength.

**djroof** · 11-25-2006, 04:01 AM

this really sucks....

**KingK7** · 11-25-2006, 04:42 AM

Originally posted by borked

Playing with statistics like that is bullshit!
How the hell can you have a GDP for a State??? Those values must be GSPs and are uncorrected for inflation and purchasing credits from the US govt, whereas GDP is corrected for inflation in that country, purchasing power parity per capita, and then internationalised on an international $. If you're going to break down the US into States, then break down things even further and look at individual cities: London for example with a GDP of $52k is second only to District of Columbia.

You can spin figures anyway you want if you're trying to make a point!

Internation GDP per PPP capita:

Code:

Rank 	Country 	GDP
$ per capita
1 	Luxembourg 	69,800
2 	Norway 	42,364
3 	United States 	41,399
4 	Ireland 	40,610
5 	Iceland 	35,115
6 	Denmark 	34,740
7 	Canada 	34,273
8 	Hong Kong 	33,479
9 	Austria 	33,432
10 	Switzerland 	32,571
11 	Qatar 	31,397
12 	Belgium 	31,244
13 	Finland 	31,208
14 	Australia 	30,897
15 	Netherlands 	30,862
16 	Japan 	30,615
17 	Germany 	30,579
18 	United Kingdom 	30,436
19 	Sweden 	29,926
20 	France 	29,187
21 	Italy 	28,534
22 	Singapore 	28,368
23 	United Arab Emirates 	27,957
24 	Republic of China (Taiwan) 	27,721
25 	Spain 	26,320
26 	Brunei 	24,948
27 	New Zealand 	24,797
28 	Israel 	23,474
29 	Netherlands Antilles, Netherlands 	22,750
30 	Greece 	22,392
31 	Slovenia 	21,808
32 	Bahrain 	21,565
33 	Cyprus 	21,177
34 	South Korea 	20,590
35 	The Bahamas 	20,076
36 	Malta 	19,739
37 	Portugal 	19,335
38 	Czech Republic 	18,341
39 	Barbados 	17,610
40 	Oman 	16,862
41 	Hungary 	16,823
42 	Equatorial Guinea 	16,507
43 	Estonia 	16,414
44 	Kuwait 	16,301
45 	Slovakia 	16,041
46 	Saudi Arabia 	15,229
47 	Saint Kitts and Nevis 	14,649
48 	Trinidad and Tobago 	14,258
49 	Lithuania 	14,158
50 	Argentina 	14,109
51 	Poland 	12,994
52 	Mauritius 	12,895
53 	Latvia 	12,666
54 	Croatia 	12,325
55 	South Africa 	12,161
56 	Seychelles 	12,059
57 	Chile 	11,937
58 	Libya 	11,624
59 	Antigua and Barbuda 	11,523
60 	Botswana 	11,410
61 	Malaysia 	11,201
62 	Russia 	11,041
63 	Uruguay 	10,720
64 	Costa Rica 	10,434
65 	Mexico 	10,186
66 	Bulgaria 	9,223
67 	Romania 	8,785
68 	Brazil 	8,561
69 	Thailand 	8,368
70 	Kazakhstan 	8,318
71 	Tunisia 	8,255
72 	Grenada 	8,198
73 	Turkmenistan 	8,098
74 	Iran 	7,980
75 	Turkey 	7,950
76 	Tonga 	7,935
77 	Belize 	7,832
78 	Republic of Macedonia 	7,748
79 	Belarus 	7,711
80 	Maldives 	7,675
81 	Dominican Republic 	7,627
82 	Saint Vincent and the Grenadines 	7,493
83 	Namibia 	7,478
84 	Colombia 	7,326
85 	Panama 	7,283
86 	Ukraine 	7,213
87 	People's Republic of China 	7,198
88 	Algeria 	7,189
89 	Gabon 	7,055
90 	Lebanon 	6,681
91 	Dominica 	6,520
92 	Saint Lucia 	6,444
93 	Cape Verde 	6,418
94 	Fiji 	6,375
95 	Samoa 	6,344
96 	Venezuela 	6,186
97 	Bosnia and Herzegovina 	6,035
98 	Peru 	5,983
99 	Suriname 	5,683
100 	Albania 	5,405

2 Norway 42,364
3 United States 41,399

Norway ownz you.

Euro = 1.30 dollar

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