News/ we could lose

According to the UK Telegraph:

“Just when the eurozone governments thought it could not get worse for Europe’s single currency, it did.  Shell-shocked EU finance ministers meeting in Brussels on Saturday were already reeling from the worst Franco-German rift for over 20 years and a fractious failure to resolve the problems that have brought Greece, and the euro, close to the brink.But then a new bombshell hit as a joint report by the EU and the International Monetary Fund (IMF) warned that, without a default, the Greek debt crisis alone could swallow the eurozone’s entire €440 billion bailout fund – leaving nothing to spare to help the affected banks of  Italy, Spain, or France.”

“Compounding the trauma, Christine Lagarde, the French finance minister turned IMF chief – and one of the few key players who appeared to be enjoying herself in her new headmistress-like role – issued a grim warning to her former European peers. The IMF would no longer be willing to pick up a third of the total bill for rescuing Greece, a contribution worth €73 billion, unless European banks were prepared to write off 50 per cent of Greek debt. “It was grim. The worst mood I have ever seen, a complete mess,” said one eurozone finance minister .”

That number is 73 billion EUROS, currently worth $100.55 billion dollars (because the Euro has crashed from its value of 1 Euro to 2 dollars (because its one of the few currencies in the world doing worse that the US dollar right now)).  And US taxpayers get to pay for $17 billion of that bailout.  On the unbelievable premise that that might somehow keep Greece and then Italy, and then France, and then the EU from crashing.  Because the previous expenditures to bailout Greece and keep it from crashing haven’t worked.

What they are doing is recognizing that a drowning person can’t swim very long with a 100# weight on their neck, so they are dumping us in the pool to help with a 100# weight on our neck as well.  And tying us to that drowning person.  Great plan.

Our incompetent and irrelevant Senate has come out with a proclamation that they are disinclined to do this.  Something about their having a glimmer that european socialism isn’t working and that maybe mutually assured economic destruction isn’t a good idea. Won’t matter because King Presbo has already decided:

…”we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”

Just an intellectual curiosity to see what mechanism he uses to ignore the Constitution and do it anyway.  I mean, really.  We probably have already wasted more than that on turtle tunnels.

Cloward and Piven would be so proud.

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About drrik

3rd career and 2nd childhood. Spends spare time repairing old things. Aspires to burn more gasoline, gunpowder, and ink in pursuit of slowing down. Child of the 60s and aspiring student of history. No desire to see us repeat the failed social experiments that keep failing for lack of human beings that meet the left wing standards and have to be killed off. Did engineering long enough to realize that very little is new and the wheel does not need to be reinvented.
This entry was posted in bailout, constitutional, socialism and tagged , , , , , , . Bookmark the permalink.

2 Responses to News/ we could lose

  1. thedrpete says:

    What we are watching, Drik, is the nerd carefully placing the last few of a million dominoes in the pattern before flicking a single finger — You know which one — to start the cascade. Can’t tell precisely how they’ll fall. But, surely Greece, Italy, Spain, Portugal, Ireland, the EU, California, Rhode Island, maybe Michigan, Maybe New Jersey will be tango uniform.

    Just think, then, how easy bottom-up and top-down Alinskyite-Cloward-&-Piven-progressive implosion of both capitalism and America will be. Hope and change will have arrived on, sahy, a Wednesday.

  2. Mrs. AL says:

    Great post and great comment by DrPete. Well said, gentlemen.

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