Monday, May 10, 2010

Hogwash / Balderdash Euro Spin

The best lies have an element of the truth.

The Euro bailout (aka, massive money printing and rewarding of incompetence) was presented as a defense against speculative "wolves" that were trying to unfairly profit from the Euro's demise.

A total crock, those statements.   Speculators were targeted by numerous governments, all crocks.

The real deal is that those countries are bankrupt, and would not have the ability to refinance their debt.  They would default.  The PIIGS, they ate too much.

It's extortion, nothing less.  With media playing the pimp to sell the wares of the financial industry, and of course, bailout bankers and bondholders, at everyone longer term detriment.  

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Insightful and Useful Comment!