“Would you pool your debt with a bunch of debt addicts that have no intention of reducing their wild spending habits? Of course you wouldn’t. But that is exactly what Germany is being asked to do. Increasingly, “eurobonds” are being touted as the best long-term solution to the financial crisis in Europe. These eurobonds would represent jointly issued debt by all 17 members of the eurozone. This debt would also be guaranteed by all 17 members of the eurozone. This would allow all countries in the eurozone to enjoy the same credit rating that Germany does, and borrowing costs for nations such as Greece, Portugal, Italy and Spain would plummet. But borrowing costs for Germany would rise substantially. In fact, it is being estimated that Germany could be facing an extra 50 billion euros a year in interest expenses. So over ten years that would come to about 500 billion euros. Needless to say, Germany is not thrilled about this idea. But new French President Francois Hollande is pushing eurobonds very hard, and he has the support of the OECD, the IMF and many top Italian politicians. In the end, this could be the key to the future of the eurozone. If the Germans give in and decide that they are willing to deeply subsidize their profligate neighbors indefinitely, then the euro could potentially be saved. If not, then this issue could end up shattering Europe.”
Mike’s immigrant plan to save cities
“Ratcheting up his controversial proposal for revitalizing America’s cities, Mayor Bloomberg yesterday suggested that the federal government “deliberately force” large municipalities to take in immigrants as the only hope for salvaging their battered economies.
The mayor also criticized President Obama for deporting more immigrants “than the last four or five presidents put together.”
Bloomberg spoke at a Midtown forum, timed to the release of a new study titled “Not Coming to America: Why the US is Falling Behind in the Global Race for Talent.”
He was joined on the panel by Mexican billionaire Ricardo Salinas, whose company helped underwrite the research.”
Via NY Post
“In the Garden of Eden there is no scarcity. Food, clothing, and shelter in are abundance. Resources merely fall from the heavens upon command. It is economic paradise precisely because economics does not exist. The universal laws that hold in the world of scarce goods vanquish in the land of the plenty.
The vision of Eden is the politician’s main source of employment. That is, promising to lead the suffering masses toward utopia by government decree makes for great electoral results. The voting fodder ignorant of economics falls in line to cast a ballot to grant themselves other people’s money. But of course many voters don’t see it this way. Their vision of the state is that of Eden. They see the bureaucrats and enforcers capable of tapping an infinite pot of wealth to pass along prosperity to those subservient enough to put them in office. This in turn has lead to the establishment of the welfare state and its plethora of entitlement programs.”
Via Zero Hedge
“In 1972 a wonderful little book was published. It arrived with little fanfare yet somehow it has managed to survive for 25 years. Most people have never read it. These are the same people who today are asking questions about what went wrong with America. These are the same people who today find that their plans for the future, no matter how hard they have worked to make those plans a reality, have vanished into thin air. These are the same people who are working 3 jobs to keep what one job secured for them 20 years ago…….These people are you and I, the working middle class, the “We the People.”
The book is titled None Dare Call It Conspiracy, and was authored by Gary Allen with Larry Abraham. It was considered very controversial 23 years ago. In retrospect it appears to have been a blueprint for the future of America. That America is perhaps where we are all living today. “
Via Lew Rockwell