Monday, 14 November 2011 09:47 'The double-bind can be stated thusly: 1. If the European Central Bank (ECB) tries to save the private banks and bondholders by printing trillions of euros to buy up the mountain of hopelessly impaired sovereign bonds, then Germany will rebel and renounce the euro as an act of self-preservation. Germany knows that money-printing robs savers and the productive via the stealth theft of inflation, and its people will not stand idly by while their wealth is destroyed by ECB euro-printing. 2. If the ECB renounces money-printing, then the only economy solvent enough to fund the 3-trillion-euro bailout with actual cash is Germany, which will rebel against this debt-serfdom by renouncing the euro. There are only two paths, and they both lead to the same end-state: dissolution of the euro and the EU's monetary union.' Read more: Euro Double-Bind: Both Paths Lead to Disintegration
Monday, 14 November 2011
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