00:00Okay, Roger, your special subject tonight is the economies of the European community.
00:04Your time starts now. Best of luck.
00:07How much does Greece owe, Roger?
00:10$367 billion.
00:12Correct. And who do they owe it to?
00:14Mostly to the other European economies.
00:16Correct. How much does Ireland owe?
00:19$865 billion.
00:20Correct. And who do they owe it to?
00:22Other European economies, mostly.
00:24Correct. How much does Spain and Italy owe?
00:26$1 trillion each.
00:28Correct. Who to?
00:30Mainly France, Britain and Germany.
00:32Correct. And how are Germany, France and Britain going, Roger?
00:36Well, they're struggling a bit, aren't they?
00:38Correct. Why?
00:39Because they've lent all these vast amounts of money to other European economies that can't possibly pay them back.
00:44Correct. So what are they going to do?
00:47They're going to have to bail them out.
00:48Correct. Where are they getting the money to do that, Roger?
00:51That's a good question. I don't know the answer to that one.
00:54How much does Portugal owe?
00:56Hang on a minute. What was the answer to that earlier question?
00:58Just keep answering the questions, Roger.
01:00Where is Portugal going to get the money it owes to Germany if Germany can't get back the money that it lent to Italy?
01:07Just a minute. What was the answer to the previous question?
01:09The question was, how can broke economies lend money to other broke economies who haven't got any money because they can't pay back the money the broke economy lent to the other broke economy and shouldn't have lent it to them in the first place because the broke economy can't pay it back?
01:22Correct. You're wasting very valuable time, Roger. How much money does Spain owe to Italy?
01:27$41 billion, but where are they going to get it?
01:29Correct. What does Italy owe to Spain?
01:32$27 billion, but they haven't got it. They're broke.
01:34Correct. How can they pay each other if neither of them has any money?
01:37They're going to get a bailout, aren't they?
01:39Correct. And where's the money coming from for the bailout?
01:41That's what I'm asking you.
01:43Correct. Why are people selling the European currency and buying the US dollar?
01:48Because the US economy is so much stronger than the European economy.
Be the first to comment