OMG, The European Union has been awarded the 2012 Nobel Peace Prize

[Petrovale]

http://online.wsj.com/article/SB10000872...malertNEWS

OSLO—The European Union has been awarded the 2012 Nobel Peace Prize in a nod to the 27-member bloc's "advancement of peace and reconciliation," and to applaud its solidarity as it continues to work to contain the debt crisis hanging over the euro zone.

Thorbjørn Jagland, the head of the Norwegian Nobel Committee, said that the organization wants to encourage Europe to back away from the "extremism and nationalism" that led to major conflict in years past. "This is, in a way, a message to Europe to secure everything we have achieved and move forward," he said while addressing a packed crowd at the Nobel Norwegian Institute in Oslo on Friday.

EU Commission President José Manuel Barroso, speaking in Brussels following the announcement of the prize, said the "award today by the Nobel Committee shows that, even in this difficult time, the European Union remains an inspiration for countries and people all over the world, and that the international community needs a strong European Union."

"We needed good news," said EU Commission President Jose Manuel Barroso upon hearing the Nobel win on Friday.

Social media exploded with strong reactions Friday, both for and against awarding the prize - worth 8 million Swedish kronor ($1.2 million).

FYI, the EU doesn't know what to with the prize...

Please keep patting yourselves on the back, boys...

And don't forget to continue kicking the can down the road.

The cataclysm you're trying to prevent, is well on its way.

[ValueSleuth]

In the great tradition established by the Nobel Peace Prize Committee, another joke.

VS

[admin]

Well, yes and no. The EU itself was a terrific idea. I can highly recommend Jeremy Rifkin's the European Dream.

However, like most good ideas, it can be driven a step too far. With the euro, which was half-baked at inception (as has now become painfully clear), that has undoubtedly been the case and there is a (arguably still remote) possibility that Europe could descend into another Yugoslavia. Monnet would turn in his grave (he probably already is).

But don't throw away the child with the bathwater here. The EU has achieved quite a lot.

[Petrovale]

I can recommend Jeremy Rifkin's Entropy Law. The European Dream has not only run out of energy but also out of direction. I suggest the EU send the prize ad $1.2 million to SHU, so we can re-energize new dreams.

[admin]

LOL Petro. Although you're right, of course. Europe is entirely consumed by the unmitigated disaster that is the euro, and the spectrum of outcomes range from Yugoslavia to a leaner, more competitive Europe and everything in between..

[Petrovale]

STP, a leaner and more competitive Europe, with or without the disaster that is the Euro, can be quite easily achieved if we restore some of the glory of the 17th century. At that time, we were probably more integrated with our neighbors than after the European Coal and Steel Community established in 1951.

[admin]

["a leaner and more competitive Europe, with or without the disaster that is the Euro, can be quite easily achieved"]

I admire your optimism, Petro, but this almost requires squaring the circle. THe euro has created a set of terribly vexing problems with all kinds of extremely awkward trade-offs. I wouldn't like to be a European politician, right now. It reminds me of that Chinese dictum, "may you live in interesting times".. (with "interesting" times having quite a different connotation, of course).

[Petrovale]

STP, I think that's exactly what should be done, square or triangle the vicious circle. It's time to call on people who have breathed and lived systemic risk and moral hazard for many decades. Senior people like Witteveen, Rhodes, Guenther, Preston, Kuczynsky. Today's politicians, in the US, Germany, France, Holland, etc., have proven incapable of doing anything. And most technocrats continue eating prunes, and sit on toilet many moons.