The leaders of the euro zone's three largest economies today pledged to present a package of proposed changes to the European treaty by Dec. 9 that aim to integrate euro-zone economic policies and lay the groundwork for tough sanctions for profligate spenders, reports WSJ. Translation: EZ citizens should begin to prepare for even greater totalitarian rule.
However, there's a chance that the EZ doesn't even holds up to even December 9, if the European Central Bank doesn't step in and prop up EZ government debt.
As far as the ECB, Sarkozy said he and Merkel agreed to abstain from making demands on the central bank, WSJ reports. "In the respect of the institution's independence it's essential that we abstain from making either positive or negative demands on the ECB," Sarkozy said. This could very well mean that an agreement has been made to allow the ECB to support the markets, and print away, without fanfare. If that's not the case, and given the fact that the crisis is now impacting Germany, the EZ could collapse at any time.
They are going to print money.
ReplyDeleteDoes anyone really think these terrorists are going to allow the EZ tax slaves to break up?
Think, people!