We should be getting ready to bail ON Europe.
Posted on 12/01/2010 1:57:46 PM PST by GlockThe Vote
US Ready to Back Bigger EU Stability Fund: Official Published: Wednesday, 1 Dec 2010 | 2:20 PM ET
http://www.cnbc.com/id/40454469 ________________________ ________________________ ______
The United States would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the International Monetary Fund, a U.S. official told Reuters on Wednesday.
"There are a lot of people talking about that. I think the European Commission has talked about that," said the U.S. official, commenting on enlarging the 750 billion euro ($980 billion) EU/IMF European stability fund. "It is up to the Europeans. We will certainly support using the IMF in these circumstances."
"There are obviously some severe market problems," said the official, speaking on condition of anonymity. "In May, it was Greece. This is Ireland and Portugal. If there is contagion that's a huge problem for the global economy."
The remarks foreshadow a visit to Europe this week by a U.S. Treasury envoy who is expected to visit Berlin, Madrid and Paris to hold talks on the ramifications of the debt crisis.
(Another news report, however, raised questions about the true extent of the US commitment. Read more here).
The developments have echoes of the pressure applied by Washington on European capitals last May to create the near $1 trillion EFSF safety net that was last week used to rescue Ireland after its banking crisis spiraled out of control.
The IMF, whose biggest single shareholder is the United States, has committed 250 billion euros to the EFSF.
While reluctant to dictate to Europe how it should address the unfolding debt crisis, the U.S. government is growing concerned about the global fallout of Europe's predicament.
U.S. Treasurys' prices fell and the euro strengthened against the dollar on Wednesday after the news that the United States would be prepared to support an enlarged EFSF.
Germany, whose leaders have expressed frustration at the market backlash against their plans to solve the euro zone's debt problems, does not want to make the stability fund larger.
BU!!$H!T!!!
impeach the regime.
US Getting Ready to Bail Out Europe:
With What???
With Chicom monies!
Bailouts are cool, except when it comes to our Nations unemployed. Go figure.
Paper..................
This administration and the Democrats intend to bankrupt this country.
didn’t we already commit $325Billion to this? Hot off the presses, worth less and less everytime.
They can just write a check, dont you know when you have blank checks you have money.
I’m speechless.
How would we know if they did?
The Federal Reserve could finance this bailout by themselves and would not tell a soul in advance. We’d find out in five years when 60 Minutes got around to looking into it.
The Democratic Party is treason to this country and Constitution. Need any other evidence?
I hear those printing presses hummin.
I was unemployed back in the 90s.....busted my butt doing grunt work at 45 years of age...that was after 6 months of unemployment insurance....no complaints...just worked any job I could to feed my family until my old company re-emerged from the ashes and hired me back....by that time I worked my way from one crappy job to another and even found one that could feed my family all by itself....but I left to finish my life's work and now I am retired.
unless there is a great depression, like zer0bambam is trying to foist upon us...there is ALWAYS work for those who look.
After reading this story, I'm thinking there's a lot more to this than meets the eye. In fact, the political and economic ramifications of this are actually the opposite of what appears at first glance. The whole purpose of having a currency stability fund like this is that it enables the "host" organization (the IMF, with the U.S. as its largest contributor) to manipulate the currency of the "recipient" organization (in this case, the entire European Union).
Remember, folks -- when the story of the EU's bailout of Ireland first got legs a few weeks ago, the strongest voices of opposition came from those (including many here on FreeRepublic) who were concerned about the threat to Ireland's sovereignty as a nation.
The U.S. has a vested interest in propping up Europe's currency, since a collapse of that currency will make it even more difficult for U.S. companies to compete with European companies in their dealings around the globe.
This really eclipses even what i thought possible.
Are we there yet??
Where does all this lead?
A do-over. History is repeating itself.
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