but he’ll still send money to the IMF, which in turn will send money through the ECB to individual European country’s central banks. The ECB acts more like our FOMC than the Fed itself, with the balance sheets of the individual nation central banks getting rolled up into the ECB’s balance sheet.
Plenty of room for waffling and misdirection before this one’s over. And nobody waffles and misdirects better than the French, who act with long arms in this instance because if Merkle gets her way, Brussels controls individual country budgets. That means the plan is for financial technocrats to be the ones who stand up to the unions in France, Italy and Spain and says “non!”, giving the elected officials political cover.
“No reason to get excited, the thief he kindly spoke...”
Exactly. And it's already been done. There was a story about a month ago where the IMF tossed another 100 billion at one of the PIIGS. I have no doubt that was courtesy of the US taxpayer. And the media hardly mentioned it. Imagine!