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05-14-2010, 09:35 AM #1
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ECB Losing Credibility as it Prints Money When It Said It Wo
Euro Crash, ECB Losing Credibility as it Prints Money When It Said It Wouldn't
Currencies / Euro
May 14, 2010 - 03:06 AM
By: Charles_Maley
If you really think about it, the Euro is as much of an experiment as it is a currency. As I mentioned in my previous post, the Euro idea was that 16 different countries could join hands under one united monetary policy. The trick is to accomplish this under separate cultures, political structures, and economic climates. How’s that working out?
Anyone who looks at this situation like a human being and not an academic analyst realizes it’s a tough task.
The three amigos, Angela Merkel (Chancellor of Germany), Nicolas Sarkozy (President of France), and Jean-Claude Trichet (head of the European Central Bank) have engineered a $962 billion rescue package. Impressive as it sounds however, the rescue package still has major flies in the ointment, and essentially buys nothing more than time.
Europe is effectively borrowing huge sums from itself. The “PIGSâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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