Wednesday, June 06, 2012

The Fix: Ch 324

There is new talk of a Euro fix, but I don't understand it much. My impression is that the idea is a bad bank which will suck up all the other bad banks and stick the general taxpayer with the bill - Chapter 324 of hapless taxpayers bailing out reckless bankers. The worst part about this idea is that it's just another version of let's kick the can down the road and hope everything works out - or at least that some other poor bastard is responsible by then.

The key problem, if I understand it, is the balance of payments between the rich center and the poor periphery. If that's not fixed, we might as well just fast forward to "Hunger Games: Frankfurt."