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Eurozone and Greece: A global economic crisis?

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    Author Ian Bremmer on how Europe’s financial problems will affect the U.S.

  • Duration 7:07
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-- intensifying European financial crisis is sending tremors through Wall Street and Washington.

Of the seventeen countries that use the Euro seven are in recession.

The worst right now being Greece and with what looks like an imminent withdrawal from the Euro.

Real fear is escalating at the riots in the violence we've been witnessing in Greece and soon becoming a reality here in the US.

On recently sat down with -- in Bremer he's the author of every nation for itself winners and losers in -- G zero world they discuss the European financial downfall.

How could affect our economy.

Joining us -- and drummer from every nation -- -- stereo humorous look at specific -- Look I don't that -- -- -- -- -- Obama's reelection campaign -- what they're saying.

That the economy is in recovery crystals in 400000.

Jobs a month.

People that are chronically unemployed are no longer counted over five trillion in new old mom and dad.

He -- -- entitlements he's given us a new entitlement.

How they make -- claim was posed a recovery summer in 2010 and now live he's trying to convince everybody know what this all better.

I don't see it taught me to -- the -- and evidence.

Look what we certainly know is that whether or not you want to argue the US in decline we're not going to be a lot of Europeans.

We know weather on the US is in decline we're not going to remove aside from power in Syria -- not gonna lead to new climate deal could -- Obama on the a reset you call you say is under way in the Arab world might agree with that you've but the -- isn't good for America.

When you have the Muslim Brotherhood an extremist century a law about to be implemented and in Egypt.

And now they say they're number one enemy is Israel.

So that's gonna impact the United States at some point you know what I what I call the G zero that's not not a G-7 120 to -- -- battle -- global leadership.

-- if you look at the Middle East.

The impact of the -- zero on the Middle East since the Arab spring's hit you look across the entirety of the Middle East now.

Only country that I can find -- on a definable -- positive trajectory.

It's Tunisia that's great for Tunisia to small country that every other place you look at.

Is leading towards more fragmentation it's more sectarian because of the United States isn't going to do it.

Who is or even point -- in the book said that the United States is the only one that can do it at least in the short term that's true when it well and under Obama I would argue that.

How he didn't see the Muslim Brotherhood coming to power.

Sure real law -- implement because I saw it and I called it and somebody wrote I was Muslim Brotherhood -- so obsessed.

That's only one part of the world.

They've got Greece about the collapse in a collapse Italy Spain Portugal Ireland right.

All these countries are in trouble.

And the -- is about to collapse.

All right so what is how.

How has an impact America's -- I don't believe the euros gonna collapse but I certainly believe it's gonna take a very long time -- you -- -- though I don't understand I don't I don't I think disagree I think that there's not going to be policies of competitiveness.

In this part of the world which means -- growth will be slow.

Absent US involvement -- and Chinese support.

The recession will be deeper the recovery will take a longer time and it'll only had to -- across the pond to include Texas and clearly does not -- look over the last couple of last year.

Markets in the United States have taken -- -- and US -- economic recovery has gone slower because of concerns about what's happening in Europe.

You know Barack Obama said about George W.

Bush was unpatriotic and irresponsible.

After eight years and four trillion dollars and that.

President and three and a half years this president -- accumulated five trillion plus and that.

He's put us on a path for trillion dollar deficits as far as the -- can -- him.

Not dealing with -- entitlements wants to spend more money won't allow drilling which would create a lot of jobs almost immediately.

And give us the added benefit of a better national security on and here's the danger is that the United States as you know there's a wealthy country that's a country with a lot of resilience.

The United States is not increase the United States is not smell -- we are not being pressured went on against the wall the way the Greeks are and as a consequence of that.

We are kicking the can down the road -- -- -- not investing in our future here's what I think you -- I finish this election is going to be keys.

And that is that we're either gonna continue down the road towards this failed European model him.

Of cradle to grave wound to the to loan guarantees that are.

It's something that you cannot sustain -- America's gonna reverse course.

If we don't reverse course I don't see the bond markets sticking with us but -- they see that that is unsustainable.

And it's a big gets to appoint a critical tipping point we can't pay it back so let's say where I disagree slightly it's that I actually think that we have.

More time more rope to hang ourselves with and you generally -- -- market sort of well in it in and -- -- it.

-- if you are if you're facing an angry bear you don't doubt on the -- Need to -- that got a united front in the nation to marry a -- every -- you need to be fast and the other guys that are running away and if you're assuming -- with you hotline -- I'm assuming that the bond markets are reacting not to what America look like twenty years -- over the thinking are we -- US are we going -- we go in Japan and -- you gotta put your money somewhere and if you can't just -- Paul Ryan says that -- we don't reverse course -- -- two to three years and the bond markets begin to.

Say that this money with which throwing good money after bad I I think they'll -- you disagree I disagree I think because because I think we're in an environment where the level of resilience of the Chinese Government is lower than ours it's clear you say that you're at a time there -- -- right.

Economic and you're right and the Euro -- is going to collapse.

The United States absolutely gets more time because who else of the Chinese women gonna put them getting more time we get impacted in the short of yes we do the long term this as -- -- to the longer -- is that as you're suggesting what I'm saying is that this election.

Americans are upset about congress -- about gridlock -- upset with Obama that -- with Washington.

That's not a surprise.

Because no one's doing -- conscious decision of the president making them at the same mistakes that Western Europe has made.

This is the same reason looked -- 56.

Countries.

It's in such economic trouble.

Doesn't tell you not to go down the road of the welfare state doesn't tell you that healthcare is not affordable and from other government does not tell you them.

You know we can save ourselves a lot of -- -- looks on it's very clear that -- debt situation the United States over the long term is unsustainable I'm not gonna sit here argue any differently.

But -- -- -- -- -- there's a question of when unsustainability.

Bites you in the bottom and what I'm suggesting is it's not.

Near -- sixteen trillion.

How much at what point what trillion dollar market -- wise to say we're in trouble.

Hey if it were that simple you could you you just -- the economists the rest of the world matters for the -- Roubini who did you're a buddy who -- -- it's all right I've interviewed -- is more concerned about just -- comments I think he's more -- campus.

On the economic -- absolutely yeah but on the political and elsewhere right -- doesn't national.

Well congrats on the immigration candidates as much I'd appreciate it -- thanks very much here's.

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