Tuesday, 06 September 2011 06:56
'The Bundestag will have one chance to stop Angela Merkel's plan to provide hundreds of billions of dollars to underwater EU banks that made bad bets on sovereign bonds. If the German parliament fails to block Merkel on September 23, then--under the "expanded powers" of the European Financial Security Facility (EFSF)-- insolvent banks will be bailed out and the costs will be passed on to eurozone taxpayers.
Despite her populist bloviating ("We won't be bullied by the markets"), Merkel is a devout Europhile committed to a fiscal union ruled by bankers and bondholders, a Banktatorship. Presently, she is doing whatever she can to hurry the process along before hostile bond vigilantes roil the markets and bring the EU banking system crashing down.'
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