In private meetings, the Obama administration is urging officials in the 17-nation euro zone to take swifter action to calm markets and reassure depositors about their banks' health, reports WSJ's Suddep Reddy.
U.S. officials want Europe to use the continent's rescue fund— now around €700 billion ($866 billion)—to provide assistance to governments struggling with soaring borrowing costs, which would be then lent to the banksters.
U.S. officials also have pushed Europe to build a larger rescue fund, or so-called firewall, believing a bigger war chest would ease investors' concerns about governments beyond long-troubled Greece, according to Reddy.
Bottom line: It's about eventual massive money printing. There is no way Germany will be able to tax its citizens to pay Greek, Italian and Spanish bills. German Chancellor Merkel will buckle on money printing but not German taxation.
Massive money printing or a new currency sooner than later if there are massive bank runs and the governments can't keep up.
ReplyDeleteI live how the largest debtor lectures and advises others on how to prosper out of crisis.
ReplyDeleteI really hope we (the U.S.) don't get involved in this bailout fund. I watched an interesting video on youtube yesterday of Ron Paul questioning Bernanke about the possibility of this happening. With news like this, it doesn't seem too farfetched that we may get involved in sending our own funds overseas.
ReplyDeleteWhat can we do to stop Obummer & Geithner, the crazed fascists?
ReplyDeleteOf course none of the proposed measures actually address the fundamental reasons why the EZ is in crisis in the first place. This is just more "perception management"- and it's coming to the fore because of recent bank runs and capital outflows. The whole system is a shell game; a Ponzi. It relies upon the smooth-talk of carnival hucksters to keep as many people, not only in the game, but believing in it in order for the whole charade to continue chugging along.
ReplyDeleteEven the best laid ponzi schemes come crashing to the ground eventually...
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