Daniel Hannan, Doors Fan

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by Smitty

“This is the end,” says Hannan, in the face of a 98% likelihood of Greek default in the bong* markets.

That calls for Morrison:

And then, Ace thinks that America is going to bail out Europe? That had better occur before the end of this administration, then; the likelihood of an opportunity for bloody stupid policy like that shouldn’t come again soon, or the country deserves its fate.

(h/t The Corner)

*Hey, it was a fun typo.

9 comments

  1. We’ve already contributed to Europe, to the Greek bailout I think, and also Bernanke (D-Traitor) put a large amount of money (I’m not sure how much) in European banks. Nowhere near enough hell was raised about that, if true. If they do bail out Europe, heads need to roll. Or better yet, they need to swing from the end of a noose.

  2. I am sure the Greeks can put up sufficient collateral for a bail out.  Say a couple of choice Greek islands (I pick Santorini/Thira) and unlimited feta cheese and olives. 

  4. Since nothing like that would even get introduced in Congress, Bernanke is the one to worry about (he is a Republican, though, believe it or not).

    But I took Ace’s post to mean that Europe is EXPECTING us to be the “lender of last resort” for the world, not that we would actually be able to do it.

    Since WWII, they’ve become used to the USA pulling their stones out of every fire.  But now we have our own troubles . . . not that their meltdown won’t have a bad effect on us, too, it’s just there isn’t any foam left in the fire extinguisher.

  6. The fed has been exchanging dollars for euros since 08, apparently the plan is to increase that volume so European banks can loan dollars which they’ve had trouble getting. Few investors are willing to invest dollars in European government or “private” bank bonds. But not to worry, as long as the Euro remains strong we’ll suffer no losses.

    The IMF’s role in bailing out Europe is particularly scary. The G-20 nations expanded it’s lending authority a couple years ago. Since I’ve never seen any coverage of Congressional debate approving our funding of the IMF, I suspect that they simply tells us how many dollars our 27% share comes to and either our treasury or the fed simply gives the IMF those monies. What ever amount of those loans gets repaid to the IMF probably gets re-loaned to another country much like the repaid TARP funds were re tasked to other spending. 

  7. Lyrics to this song…:

    The killer awoke before dawn, he put his boots on
    He took a face from the ancient gallery
    And he walked on down the hall
    He went into the room where his sister lived, and…then he
    Paid a visit to his brother, and then he
    He walked on down the hall, and
    And he came to a door…and he looked inside
    Father, yes son, I want to kill you
    Mother…I want to…WAAAAAA

    —-

    WOW 😯

    Deep thoughts there Stacy?

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