There is no solution that will preserve the current standard of living, which seems to be the increasingly frenetic and futile goal of the Euro establishment.
There is no saving the Euro unless all the nations in the European Union agree to give up their sovereignty and cede control of their economies to an unelected bureaucracy in Brussels.
Then again…we’re talking about the shining jewel of the Left, a group who believe in using govt to create crises in order to scare people into ceding more power to govt.
Makes me wonder…
The EU is going to break up? Who could have predicted this? I was sure all that elitist politician applied Duck Tape would hold forever.
Is there any possible way the U.S. Fed can become the Eurozone’s lender of last resort? I don’t know. But if there is then that is the way we should go, for our own sakes as well as theirs.
“This is the greatest crisis in Europe since the time of the Marshall Plan . . .”
In our present USA housing bubble crisis, we know where all of the “missing” money went: it went out to all of those who sold houses during the bubble’s expansion and who thus received higher prices for their houses than would have been the case without the distortions to the market.
Who ended up with all of the “missing” money in Europe?
The Force I pray is with the Euroleaders is the one that allows them to see the monumental errors of their predecessors’ unrealistic jiggery-pokery to make a US of happily disunited folks and stop trying to teach PIIGS to sing.
Have you lost your happy mind? Turn that lot loose with a writ on our banks? They lie to each other without compunction. They run up their credit cards without a thought of how to pay for it. The Fed would have no way of controling them realistically because they aren’t subject to US laws. Why in the world would you wish that on the US taxpayer? Lender of last resort, indeed. Where do you think they would rush to immediately?
Fortunately it’s a political non-starter. Congress would never tolerate it to save that fantasy-based system.
Have I lost my happy mind? Obviously. What’s to be happy about? 🙂