There is no free in liberty.


Friday, September 16, 2011

Bailing out Europe's Social Democracy Junkies...


Thursday's announcement that the U.S. Federal Reserve and other central banks would be providing "dollar liquidity" to European banks represents more smoke and mirrors.
However, the notion that they might be considering some kind of new "Marshall Plan" is delusional. Under the Marshall Plan, the United States helped a Europe ravaged by war and willing, indeed desperate, to work. Today's Europe is ravaged by the delusions of social democracy, economic security and an ill-conceived single-currency area. Its economy has been undermined by its banks' feeding its constituent countries' debt habit.

That so many central banks work in unison to stem European insolvency is an indication of just how weak Europe is. That they do so without addressing the cause of that insolvency, Social Democracy, is a predictor of Europe's looming failure.

Neil Young called it first, though.


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