The powers that be are circling the wagons in Europe, trying to figure out how to make every effort to convince people of two things, each of which is virtually impossible: 1) That the various disparate European powers actually CAN come to terms on a coherent, consistent financial stabilization plan where all countries are held to the same account. (they can’t) and 2) That if the first thing happened, (it won’t) that there is some financial institution remaining on this planet that has the financial wherewithal to bail out Spanish, Greek, and French banks in addition to stabilizing the ECB in order to save the Union…(there isn’t)
So let’s all venture off to Fantasyland. For those of you below the age of thirty, Fantasyland was the name Walt Disney gave to that portion of the Walt Disney World Park that was filled with fairies and goblins and all things magical. Sort of like modern state accounting practices. An unbelievable, magical place, but wouldn’t it be cool if it were real. That sort of thing…
That’s apparently where we’re headed. Because you won’t be able to convince all the Europeans powers (namely Germany) to agree to any sort of austerity that doesn’t include Germany at the helm, driving the ship of state. And once you do, (which you won’t) you can’t find anyone with a big enough checkbook to write the check that could hope to stabilize that debt-ridden Vunder-mess that’s been created by the mountains of free credit an ginormous debt load…
But I forgot. We’re in Fantasyland. So the ECB and the Federal Reserve will just pretend that there’s enough money to balance the books and we’ll all retire to the Crystal Palace (additional Disney World reference) and have a snow cone, ride the monorail out to the parking lot and drive into the sunset.
Adios amigos!!
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