Ambrose Evans-Pritchard—Geithner Plan for Europe is last chance to avoid global catastrophe

Posted by Kendall Harmon

The reserve powers would be well advised to pull out all the stops to save Europe and its banking system. Together they hold $10 trillion in foreign bonds. If they agreed to rotate just 4pc of these holdings ($400bn) into Spanish, Italian, and Belgian debt over the next two years, they could offer a soothing balm. None has yet risen to the challenge. It is `sauve qui peut', with no evidence of G20 leadership in sight.

Once again, the US has had to take charge. The multi-trillion package now taking shape for Euroland was largely concocted in Washington, in cahoots with the European Commission, and is being imposed on Germany by the full force of American diplomacy.

It is an ugly and twisted set of proposals, devised to accomodate Berlin's refusal to accept fiscal union, Eurobonds, and an EU treasury. But at least it is big.

Read it all.

Filed under: * Culture-WatchGlobalization* Economics, PoliticsEconomyCredit MarketsCurrency MarketsEuroEuropean Central BankG20 The Banking System/SectorThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--The U.S. GovernmentFederal ReserveTreasury Secretary Timothy GeithnerForeign RelationsPolitics in General* International News & CommentaryEngland / UK--IrelandEurope--European Sovereign Debt Crisis of 2010GermanyGreeceItalySpain

1 Comments
Posted September 25, 2011 at 2:00 pm

To comment on this article: Go to Article View

The URL for this article is http://www.kendallharmon.net/t19/index.php/t19/article/38762/



1. David Keller wrote:

Too bad Geitner doesn’t have a plan for America!

September 26, 8:52 am | [comment link]


© 2014 Kendall S. Harmon. All rights reserved.

For original material from Titusonenine (such as articles and commentary by Dr. Harmon) permission to copy and distribute free of charge is granted, provided this notice, the logo, and the web site address are visible on all copies. For permission for use in for-profit publications, please email KSHarmon[at]mindspring[dot]com


<< Back to main page

<< Return to Mobile view (headlines)