[lbo-talk] EU gets serious

dredmond at efn.org dredmond at efn.org
Mon May 10 10:56:33 PDT 2010


On Mon, May 10, 2010 8:20 am, Wendy Lyon wrote:


> The bailout is anything but a reward for the riots.

Not a reward, but definitely a consequence. The new money isn't coming from national governments, it's being literally printed into existence by Europe Inc.'s 16 trillion EUR economy and will then be purchased by the Eurozone -- "Euroized", if you will. This is the Eurokeynesianism which Europe and the entire world economy has urgently needed for some time now.

In the past, national governments could argue they had to slash social spending, because otherwise a bunch of bond vampires wouldn't buy their debt. Now the Eurozone will start buying its own debt -- so to hell with austerity and the bond vampires.

-- DRR



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