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Friday, October 28, 2016

'Futile, Stupid Gestures' Won't Save Europe

Jonathan Weil examines Europe’s flailing attempts to placate the markets and stay ahead of the sovereign-debt crisis in his column, “Student With 0.0 Grade Average Has EU Insight:”

The never-ending comedy that is Europe’s sovereign-debt crisis has reached its Otter moment. That’s when the world realizes the fundamental principle guiding every important government decision is this: “I think that this situation absolutely requires a really futile and stupid gesture be done on somebody’s part!”

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  • rustacus21

    … we can understand the foundation of the crisis that is poised to unravel the EU’s economic standing, if they fail to do anything at all. “Supply Side” economics: Great Britain, Ireland and several other EU nations bought into this theoretical “mad science”, which didn’t work here in America & hasn’t fared any better anywhere else! “Derivatives”: The “junk bonds” of the 21st century, was a scam from the start. W/the worlds assets totaling only 16 trillion in 2008, how is it that derivatives amassed a value of 596 trillion that same year? Greece was “fleeced” in their purchase of these worthless commodities, which no one but a calculus or physics major could understand, maybe, and probably explain, let alone regulators of the last administration, which authorized their sale, knowing full well there was no historical reference to these “criminal” commodities. Now, the EU is holding the bag, while scam artists who peddled these “fraudulent” pieces of junk, laugh all the way to the bank… in Switzerland…