There Must Be Punishment
Via Digby the report in the Telegraph: Germany unmoved by French pleas for more ECB action
Angela Merkel was unmoved by another roller-coaster day that saw Portuguese debt being downgraded to junk status, Italian bond yields pushed into the bail-out zone, and doubts cast over France’s AAA rating: the German Chancellor refused to allow the ECB to become Europe’s lender of last resort.
Ms Merkel instead used a three-way summit with France and Italy in Strasbourg to insist that new treaty powers to intervene and punish sinner states remained the key focus of Europe’s rescue efforts. She said: “The countries who don’t keep to the stability pact have to be punished – those who contravene it need to be penalised. We need to make sure this doesn’t happen again.”
Angie, if they follow your lead it definitely won’t happen again, because there probably won’t be a Europe in which it can happen. The people who created the problem should have been thrown in prison, but they are still living the high life while the 99% are the ones being punished.
The euro is toast, and the European Union can’t be far behind. The only chance for individual countries to survive is to leave the euro, because the European Central Bank is unwilling to act like a central bank.
Until the ‘true believers’ like Angela Merkel are out of power, Europe doesn’t have a prayer of recovery.
2 comments
Amen, Brother. (No, I haven’t discovered religion.)
I’ve covered this at my place with Mish’s latest gloom report.
S
Perhaps not, Suzan, but I suspect that we have discovered a new ‘death cult’, the Austerians, who are hellbent on destroying the economy based on faith in false prophets. The test of a prophet is: “Does what they foretell come to pass?” These guys haven’t been right about anything yet, and they totally missed the collapse, so why is anyone still listening to them? It has to be religion – nothing else is this resistant to logic.