[WS:] I find it hardly surprising. The US politics is such a foul-smelling sewer, that almost anything else looks desirable in comparison. Come here and stay for a year or two, and you will be calling EU leadership "uncle."
Wojtek
On Tue, May 11, 2010 at 1:50 AM, Wendy Lyon <wendy.lyon at gmail.com> wrote:
> On 10/05/2010, dredmond at efn.org <dredmond at efn.org> wrote:
> >
> > > The bailout is anything but a reward for the riots.
> >
> > Not a reward, but definitely a consequence.
>
> There would have been a bailout riots or no riots. Greece couldn't be
> allowed to default - the implications for elsewhere in the Eurozone
> would be too severe and ultimately it would have called into question
> the viability of the whole Euro project (and by extension the whole EU
> project). This could still happen somewhere down the line but at the
> moment it's simply unthinkable to the European elites.
>
> > 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.
>
> The ECB is going to buy some of the debt but I've seen nothing to
> indicate they're going to fund it entirely through new money. I doubt
> Germany, for one, would approve the package if that was the plan. And
> the suggestion that it will relieve national governments from pressure
> to control their own spending is way off base. There will be more,
> rather than less, interference from the EU in domestic budgetary
> matters in future.
>
> But still, I'm impressed by your unfailing ability to put a positive
> spin on everything the EU leaders do.
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