May 10, 2010

Greek Style, again

We shouldn't be honked off at Reuters because this is a disjointed item, vaguely prophetic with only minor actual news content. That's the nature of most pre-market stories written to drum-tight deadlines while trying to cover the morning's major economic happenings.

But the writer and editor ought to be sentenced to a half-dozen paint balls to the bare butt for leaving the most important fact to the last paragraph:

"At the same time the U.S. Federal Reserve reopened currency swap lines with several central banks in hopes of assuring markets of dollar liquidity, and the European Central Bank said it would buy government debt to steady investor nerves. A number of European central banks said they had already started. "

Translation: U.S. taxpayers will foot some of the bill. If history is a guide, we will cover most of it, one way or another. Because we are flat broke and because HIs Obamaness is deathly afraid a tax hike would further motivate His peasants to wrap torches and sharpen pitch forks, the price you pay to mask the stupidity of EuroSoc will be indirect -- a fresh few tons of fiat dollars further eroding the value of the ones you have.

In return you'll get the warm fuzzy glow that comes from knowing you helped pay for Marshall Plan No. 666. This one follows the Aegean War of 2003-2010, fought by unionized Greek grape leaf packers against the evil forces of The Market.

1 comment:

JohnW said...

As the recently-returned Remittance Man has noted, "...once one starts looking at the actions of politicians as if they were Mafiosi, the reason for all sorts of previously incomprehensible actions suddenly become so much clearer."