What have they been doing wrong?
They attempted a solution that failed.
They repeated the failure.
They brought Europe to the brink of disaster.
They decided to talk about doing what they should have done in the first place.
These are the leaders. Oh, boy!
Further reports: The ECB has thus far refused to intervene. Why? Jean-Claude Trichet had a deep concern for his legacy. Too late!
With the new arrangement, if it is implemented—but more on that later—will give Madame Lagarde a larger role. Now, perhaps Madame will not feel the pressure to ingratiate her self with Angela Merkel.
The ECB is now considering the larger efforts; some members anyway. Perhaps this means that some have more intelligence than a 5 lb bag of store brand cheese doodles. (2.27kg)
Sarkozy is eager for the new deal among the EuroCrats to be implemented. However, Angela Merkel wants to drag the process out—still unrepentant. Desolé. Remember what I said before? “…if it is implemented…”
Chancellor Merkel embraces the pretext of seeking consensus. Mind you, the inability to seek consensus in any reasonable time-frame is almost impossible. That is one of the causes of the problem in the first place.
Chancellor Merkel is concerned that non-Euro members don’t feel marginalised. This is the EuroZone—not a Nursery School. I am only going to imagine The Chancellor has been schooled by experts in American Marketing Strategies in advance of her attending
the meeting with President Obama. “Oh, yes, Mr. President. I don’t want the other nations to feel marginalised and low self-esteem.”
Thank you, Angela Merkel.Now, what has brought Germany around to everyone else’s way of thinking? Is it the fact that the EuroZone is on the Brink of Disaster? No. It is the fact that the disaster is now washing up onto German Shores. That woke the DeutscheCrats real fast. Now maybe they will ask Chancellor Merkel to resign.
The euphemism has not effected Europe alone. The Wall Street Journal says “Berlin” when in means “Merkel”.
Monti takes over Italy. Borrowing costs rise. People blame Monti and not the 50% discount Merkel granted to Bond investors.
Of course, no disaster would be complete without the Economists.
Economists say the ECB can do more legally. Okay. We agree.
“But wait, there’s more.”
Economists have said:
Large Bond buys by the U.S. Federal Reserve and The Bank of England haven’t eroded their political independence. Here goes:
U.S. Federal Reserve. Operative Word(s): U.S.
The Bank of England. Operative Word: England.
The ECB. Operative Word: European.
If I caught that, everyone caught that. Why bother engaging in the pretext, pretense, and, well, academic flummery? You may be correct. However, how will we know?
“But wait, there’s more.”
“ECB loath to take actions that could spark a political backlash against it in Germany, the Euro’s most powerful member.” Maybe too powerful, eh?
New EuroPact Idea: Ask Merkel to leave office or ask Germany to leave the EuroUnion.
“Nothing for nothing,” as my Mom used to say. In other words, “The Price of Germany is too high a Price for German Participation.
If the EuroCrats threaten to kick Germany out, what are they going to do? Take their ball and go join another EuroUnion? Can I seriously suggest that? No; but the EuroCrats can—and should. What would that cause? Don’t worry. It won’t get that far. Germany will ask Chancellor Merkel to step down and go home. Nicely, of course.
The best part of all this is the question, why is Germany willing to work with the ROE? (Rest of Europe) Because the Crisis Hit Berlin.
Papandreou stepped down.
Berlusconi stepped down.
Now, perhaps, it is time for Merkel to step down.
The headline: Time Runs Short for Solution to EuroCrisis. Someone tell Chancellor Merkel…after time runs out!
Copyright © 2011 Slim Fairview
They refused to do what was necessary.