Posted on 05/24/2012 12:35:03 AM PDT by bruinbirdman
No, missed that one.
A E-P responds to another critic,
"Well, I didn't say Germany should do anything in this piece.
I reported on a dispute between Germany and France.
The point about the credit card referred to eurobonds not the ECB.
(By the way, eurobonds are not my cup of tea. They are the catalyst for an EU state that I don't wish to see. But that is what the Euroland states probably have to do if they want to save EMU, which is the context here. Personally, I do not particularly wish to save EMU, but what you or I want is irrelevant)
As for the ECB -- and I regard monetary policy to be an entirely different issue to debt mutualization or fiscal policy -- if it engaged in overwhelming bond purchases (not piecemeal, which is counter-productive and subordinates other creditors), this would not amount to Germany opening its credit card.
The issue would be different. Germany would have to tolerate higher internal inflation if the ECB chose to end debt-deflation in Club Med by QE.
Now that is certainly a real concern for Germany. "
yitbos
At the end of the movie all of the bad guys, none of whom trust each other anymore, are all pointing guns at each other. One of them twitches, and they all fire at the same time. They all end up on the floor with holes in them with sirens blaring in the background as the cops close in.
It reminds me of this situation.
Mexican standoff meets circular firing squad. One shoots, all shoot.
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