Why I Won't Support More Bailouts (True Finn leader: 'Trust, but verify')

wsj.com ^ | 5-9-11 | By TIMO SOINI

[rawhide]

When I had the honor of leading the True Finn Party to electoral victory in April, we made a solemn promise to oppose the so-called bailouts of euro-zone member states. These bailouts are patently bad for Europe, bad for Finland and bad for the countries that have been forced to accept them. Europe is suffering from the economic gangrene of insolvency—both public and private. And unless we amputate that which cannot be saved, we risk poisoning the whole body.

The official wisdom is that Greece, Ireland and Portugal have been hit by a liquidity crisis, so they needed a momentary infusion of capital, after which everything would return to normal. But this official version is a lie, one that takes the ordinary people of Europe for idiots. They deserve better from politics and their leaders.

To understand the real nature and purpose of the bailouts, we first have to understand who really benefits from them. Let's follow the money.

At the risk of being accused of populism, we'll begin with the obvious: It is not the little guy that benefits. He is being milked and lied to in order to keep the insolvent system running. He is paid less and taxed more to provide the money needed to keep this Ponzi scheme going. Meanwhile, a kind of deadly symbiosis has developed between politicians and banks: Our political leaders borrow ever more money to pay off the banks, which return the favor by lending ever-more money back to our governments, keeping the scheme afloat.

In a true market economy, bad choices get penalized. Not here. When the inevitable failure of overindebted euro-zone countries came to light, a secret pact was made.

...snip...

[rawhide]

Here is a politician that understands what all these bailouts really do. Too bad we here in the US have very few that think the same way. The Rats and the Republicans are leading this nation to Hell!

[ken5050]

He will also break up the Eurozone...YAY!!..It require unanimous vote for a bailout.

[ComputerGuy]

That was a great read, with lines like:
...a kind of deadly symbiosis has developed between politicians and banks...
It's a good thing we don't have that problem here in the US. Otherwise, we'd be blued, screwed and tattooed just like Europe.