Sunday, March 1, 2009

EU to Eastern Europe, Drop Dead (Sort of)

German Chancellor Angela Merkel and other EU leaders flatly rejected a new multibillion euro (dollar) bailout for eastern Europe.

It's good that there is some limit to the money printing madness going on in the world. However, Merkel further stated that help to eastern Europe must be given on a case-by-case basis. "Saying that the situation is the same for all central and eastern European states, I don't see that," said Merkel, adding "you cannot compare" the dire situation in Hungary with that of other countries, AP is reporting.

Eastern Europe should take this rejection as an opportunity to build strong local economies taht are not dependent on the monetary inflation created pseudo prosperity of the EU. How do they do this? Form their own currency, a fixed quantity currency that is not tied to the credit system and is frozen in size by legislation.

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