As readers know, we’ve been following the EU debt crisis with great interest, and more than a little amusement. As the situation there has become more desperate, the lies being told become grander and grander by the day. They are also more transparently false, even ridiculous, bringing measures of mirth to this author so great that sometimes I wake my family with riotous outbursts of laughter. No kidding.
With much fanfare, the European heads of state announced Wednesday they had reached an agreement to establish a $1.4 Trillion bailout fund for their bank- and sovereign-debt problem. The compliant and complicit mainstream media carried the news far and wide; the financial markets rallied worldwide. The DOW was up on the news about 3%; the German DAX rallied more than 5%. Markets, of course, love free money, because free money is used to buy things, and markets have things to sell.
Almost no one bothered to report the details of the bailout deal, however, and what is much more troubling is this: NO ONE BOTHERED TO ASK.
Why is it important to ask about the terms of this deal? That’s simple: THEY DON’T HAVE $1.4 TRILLION, AND UNDER EUROPEAN CENTRAL BANK RULES THEY AREN’T ALLOWED TO PRINT IT. THERE IS NO ACTUAL $1.4 TRILLION, JUST AN AGREEMENT. THEY’RE BEGGING CHINA FOR THE MONEY RIGHT NOW.
In other words, the children (European heads of state) have gotten together and voted to have cookies for dinner, because children like cookies. And then, they announced to the world that they were indeed going to have cookies.
WHERE ARE THE ADULTS?