Most Americans must wonder as they get a few minutes from working their asses off as they look up to see the never-ending problem of “Europe” just what all this fuss is about and we will give any average American three guesses what these Sorry Excuses for “Elected Leaders” in Europe have been and are up to right now….
Here’s a Hint: The Sorry Excuses for “Elected Leaders” in Europe are up to same old BS that OUR Sorry Excuses for “Elected Leaders” have been up to for several decades now in Washington DC
IT’S THE DEBT STUPID!
Jon Markman over at CBS Marketwatch explains the “Tim-foolery” now going on in Europe:
Geithner’s plus-sized euro bailout if stealth QE3
“In the tale, which is duly Germanic, a young man seeking the hand of a nobleman’s daughter is sent by her father on an increasingly audacious set of robberies — the last one of which, well, I don’t want to ruin it for you. Let’s just say it does not end well for the commoners, who are always fleeced.
The big idea in Washington now seems to be that if Europe can be paid off to pipe down about its banking crisis for just a few weeks, then Wall Street can settle into a good old-fashioned earnings season in October with no distractions. This is sort of like packing your crazy old uncle off to the movies when your guests arrive for a dinner party, but hey, you do what you gotta do.
The plan, cooked up by U.S. Treasury Secretary Tim Geithner, is to persuade European leaders to vastly expand the size of the emergency bailout fund known as the EFSF, or European Financial Stability Facility. His proposal, and I’m not making this up, would use leverage — i.e., borrowing — to increase the size of the already borrowed money in the fund by up to 10x. Read more on market expectations for expanded EFSF.
This is a little hard to believe, but it’s the truth. The funds from euro-zone countries in the EFSF have already been borrowed. And now the plan espoused by Geithner is to use that money as collateral to borrow as much as ten times more. The guy does not get enough credit for his evil genius.
Why would they do this? Well dial back your mental time machine to the fall of 2008, if you will. You will recall that before TARP there was a similar U.S. plan to bail out the financial system, but it was judged to be too risky. So now it looks as if Geithner, who was the head of the New York Federal Reserve Bank at the time, is conspiring with the International Monetary Fund and others of like mind to recreate that massive weapon of financial destruction to aim at the debt crisis in Europe.”
In other words…
Countries like Greece, Italy, Spain, Portugal, etc.. have run up lots of debt that they have no chance of every paying off (think the United States that has not paid down a dime of its National Debt since 1972 and will not pay down one cent of debt over the next decade under any proposed Bogus “debt” plan) and all that debt was sold to banks that are located in countries like France, Germany, Switzerland, etc.. and if those banks had to mark all of that European country debt to the REAL market value based upon the chance of that debt ever being paid those European banks would be insolvent overnight so the GREAT solution is for the European Union to issue even more debt on top of all the old debt which would do what exactly…
Do the same thing it has done in America…
Only put the problems off to another day and make the ultimate Day of Reckoning all the worse for the People of Europe and in America.
Jon Markman later in his column provides a hint or two why the leaders of Germany and France haven’t already kicked deadbeat countries like Greece to the curb and in an indirect way answers YOUR questions as an American citizens why there have been NO arrests and prison sentences of any bankers here in the American Republic after a decade of the Wall Street Bastards running wild:
“Everyone knows that by backstopping Athens financiers, the government of Chancellor Angela Merkel has said that it is really saving German banks. But I am guessing that additionally the Germans and French do not want bankruptcy examiners to have a chance to sniff around the Greek balance sheets and find out what happened to all the missing billions.
To be sure, it’s possible that Greece simply squandered the money it borrowed. But what if there has been something like a Ponzi scheme afoot the past few years — a Madoff-by-the-Mediterranean, if you will — in which Greek government or banking officials have siphoned off the money and secreted it at European banks with the tacit agreement of their creditors?
I have no evidence for this. It is just a hunch based on the logic that sums this large with so little oversight provide overwhelming temptation, and on the fact that it does not make sense that the straight-laced French and Germans are working so hard to preserve the southern bacchanalia.”
Now, that’s the first thing that has made sense in ANY of this European nonsense and explains why the US Government has kept Fannie Mae and Freddie Mac up and running and also why the Wall Street Bastards have been able to get away with the Biggest Highway Robbery in the history of Planet Earth…
Uhhh, the US Government really doesn’t want a BIG investigation that would put the Wall Street Bastards and the former executives and Fannie and Freddie under oath because a very ugly trail would lead right back to…
Yes, you guessed it..
YOUR Sorry Excuses for “Elected Leaders” of the American Republic that were neck deep in the slop with the Wall Street Bastards and were being bought off left and right in the 2000s and would be tossed into jail by the hundreds if the American People really knew what went on during the Real Estate Bubble which was encouraged, championed and enabled by Uncle Ben Bernanke at the Federal Reserve who now calls Long-Term Unemployment in America a “National Crisis” which is a “National Crisis” that Bernanke and his buddies at the Federal Reserve….
HELPED CREATE with an Irresponsible Monetary Policy for almost an Entire Damn Decade!
Someone….STOP THE DAMN MADNESS!
If the Greek Government asked us what they should do we would tell them to give this….
…to the European Union and tell the French and German leaders that it was their banks (and a few American banks) that were driving all of this debt that was created based on upon what everyone knew were Bogus economic numbers from the Very Lazy Greeks and that the Greeks should just leave the Euro and head back to the good ole’ days of the Greek Drachma!
What kind of threat does a few countries in Europe that have run up lots of debt they should have never been allowed to run up which threatens the survivability of a few French and German banks mean for America?
Well, if Europe actually had REAL capitalism the banks that made stupid investments in the debt of countries like Greece would go out of business just like if we had REAL capitalism in America a few banks in America would have been out of business in 2008…..but then most Americans understand that REAL capitalism exists EVERYWHERE in America but on Wall Street which is filled with lots of Candy Asses and Pussies that wouldn’t last 5 seconds in the REAL WORLD if they had to operate without Uncle Ben Bernanke and the American People bailing their Sorry Asses out every few years.
Yes, the REAL way to get ahead in America…
Drive by Capitol Hill with a car filled with cash and watch our Sorry Excuses for “Elected Leaders” come-a-running and happily scoop up all that money and then sell out the American People to the highest bidder or rather to any Sorry Ass Lobbyist that will take them to dinner and then promise them their “support” in the next election.
Here’s a thought: Greece should have never been a member of the Euro and if not for those Candy Ass Pussy Socialists on Wall Street that wouldn’t survive a day in the REAL world of Capitalism….
How Goldman Sachs helped Greece to Mask its True Debt, Spiegel International
Wall Street Helped to Mask Debt Fueling Europe’s Crisis, New York Times
…hadn’t helped Greece cook their economics books in the first place the Greeks would still be happily laying around on their Sorry Asses right now enjoying life and not be worried about all of this Euro nonsense.
Memo to the Greeks: Tell Germany, France and those European banks to…
…and then go back to doing nothing and loving life.