Thursday, August 23, 2012
Dear Leader will increase Tractor Production in 5 Years!
On October 27, 2010, Chancellor Angela Merkel promised the German parliament that the bailout fund EFSF was a temporary thing. Of course, as more bailouts were needed, the EFSF grew bigger. It will now be replaced with the ESM. EVERY law, regulation and restriction that was part of the original set-up of EMU has now been broken. The limits on budget deficits and overall public debt limits (Maastricht Criteria)? â€“Ignored. The no-bail out provision? â€“ Ignored. The ban on ECB buying sovereign bonds to support fiscal policy? â€“ Circumvented with the flimsiest of excuses. Letâ€™s face it. There is no master plan here. The political class is losing control. There is not even a conspiracy. One quick-fix after another, and every one brings us a step closer to a very nasty endgame.