This “loan” is really being financed largely by the frightened Germans. Basically it is another futile financial gimmick. The capital squandered by three generations of deficit spending cannot be easily replaced. Greece was the opening act. Now comes Spain, later Italy and France. The Germans ought to realize that they simply do not have the wealth to stave off European bankruptcy. Their efforts will not be enough or even appreciated. They will ultimately be blamed in the end. Best course is to forget about bailouts, let bankruptcy and rock bottom occur, use aid as charity, and let the true rational recovery and rebuilding begin.
That’s not what the German elites are worried about. They along with the other EU elites are quite fanatical about this “ever closer union” thing. This is why the loans haven’t stopped since 2008, and they aren’t worried about the opinion of the common German in this.
@ Post 9
You are exactly right with one caveat. The real tragedy is that future generations will owe the banksters the money we are spending today to protect the profits of these same banksters.
The generational theft practiced by Western governments today is immoral, illegal (by our constitution), and unethical. It’s frightening how few people even bother to notice what is happening in the open. It’s outrageous that much of this borrowing is not done to make the world better, it’s simply done to preserve the profits for the very same banksters/politicians that rigged the game in the first place.
You and I feel the pain. They get their bonuses and party on.
“This “loan” is really being financed largely by the frightened Germans.”
Incorrect, it’s largely going to be financed by YOU, through the Fed, the IMF, higher gas prices, and more soaring inflation.
WHAT? You didn’t think the Messiah was going to allow Europt to collapse before Election Day, did you? What did you think the FAIL SPEECH was about? More Bailouts, more “Stimulus” for his cronies.
I’ve been calling this one for months. I HATE always being right about this crap. But if you pay enough attention, it should have been obvious to anyone with a brain what was going to happen.
The Germans want a captive export zone for their manufacturing. The question is: how high a price are they willing to pay for the privilege? The vassal states (borrowers) know this and will push Germany to the limit or beyond it. Germany will decide to cut some loose, and pay the price, and keep some in the fold, and pay the price. To date, they have not succumbed to giving the serfs a vote, aka fiscal union. Meanwhile, they continue to export.
They are milking the cows, which are saying "Either buy me or upgrade my feed."