"Consider the following: in the space of less than 2 weeks, the eurocrats have managed to eliminate two troublesome elected leaders, whose actions dared to interfere with their broader objectives of finalizing the “European Project” – a project which, to put it bluntly, is looking more and more like a financial coup d’etat."
marshall auerbark
"roiling financial markets have upended traditional democratic processes"
nyt
really ???
coup yes d'etat maybe not
nyt
really ???
coup yes d'etat maybe not
perhaps after all the ECB is like louis the 14th
maybe
THE ECB IS NOT JUST L' ETAT BUT THE EURO ZONE ITSELF
slaughtering rentiers is surely a fun blood sport in the executive suites of any global credit outfit
playing with other peoples money and losing it big time now and again
so long as all your peers are losing their rentiers money too
breeds almost as deep a contempt as when biz as usual leads
to making these same ignorant grasping ingrates a little unearned money
just who in the various control rooms really cares if rentiers take a big hit ???
equity ??? bond holders ???
of course depository set ups have nothing to fear anyway
again so long as its all the banks etc facing a big write down
not just a couple wild hairs
surely the sovereign loses on piig debt is not motivating enough
nope something deeper then mere private bank loses
drives the need to tighten the bindings on the job classes of old europe
but to return to the topic
the elite chaps need to be careful creit and fiscal poicy are different creatures indeed
efforts to create a central fiscal authority could develop a momentum
all of its own
