Europeans Reject Geithner's Latest Leveraged Bailout Plot

Discussion in 'Politics' started by hvactec, Oct 17, 2011.

  1. hvactec
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    hvactec VIP Member

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    European finance ministers attending the G-20 ministerial meeting in Paris today have once again rejected U.S. Treasury Secretary Tim Geithner's scheme to bailout the European banks and bankrupt nations through a huge leveraged hyperinflationary swindle. The Geithner scheme has the backing of the IMF, but European governments, led by Germany, are not prepared to go down that hyperinflationary path at this time.

    While the European finance ministers wisely rejected the Geithner proposal, which was earlier presented at the European Union summit in Poland and again during the IMF Autumn meeting in Washington, they have no alternative that is any better, so long as they reject the only viable option: the wipeout of the gambling debt through a Glass-Steagall breakup of the banks, and a shift to an American System of sovereign credit.

    Instead, European officials promised that they would announce their own plan to avoid a Greek default, recapitalize the bankrupt banks, and cover the sovereign debts of countries like Greece, Portugal, Ireland, Spain and Italy. French Finance Minister Francois Baroin promised that the details would be presented in one week, and that the plan would "be decisive." According to today's Washington Post, nobody believes that the European scheme has any better chance of succeeding than Geithner's wingding of hyperinflationary bailouts. According to the Post report, the plan being finalized by European finance ministers will stretch out the bailout through three phases: bank efforts to recapitalize through new private investment; government bailouts; and borrowing through the new EFSF bailout fund. Geithner sharply criticized the European approach, telling the Post that "They clearly have more work to do. It's all in the details. In financial crises, it is more risky to act gradually and incrementally than to act with bold force."

    One optimal "bold force" action that is clearly not on Geithner's plate is Lyndon LaRouche's demand that both Obama and Geithner be dumped from office, to clear the way for passage of Glass-Steagall and the restortion of a credit system

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  2. WatertheTree
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    WatertheTree Senior Member

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    The best thing europe can do is the best thing we can do. Let the markets clear the debt. Let banks go bankrupt, let investors loose capital, let people lose there homes. Let the price of homes fall, stop stimulating farmers, stop stimulating healthcare, stop stimulating war, stop stimulating prisons, stop stimulating the police state.

    Were all in the same situation, thats why people are in the streets around the globe.
     
  3. editec
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    editec Mr. Forgot-it-All

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    Well that's the way that we can clear the books, on that we agree.

    Sadly that's ALSO the way to insure the collapse of civil society.

    You do realize that the governments will go down, the banks will go down, the entire economic system will go down, right?

    No apparently you don't.

    Society is essantially bankrupt.

    Now ask yourself from whom was all this debt borrowed.

    Let me know when you can explain how the wealthiest nations in the world became pauper states.

    All the real wealth in the world still exists.

    So why is 99% of the world's population almost broke?
     

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