Comment: LOL

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Only Schiff can call em out like this.

Thanks for posting.

p.s. on a side note...


Many European policymakers are beginning to envisage the fund, known formally as the European financial stability facility, as a nascent eurozone treasury that could sit alongside the European Central Bank. It would be quickly tapped to deal with crises without relying on national parliaments, which cannot act at the speed demanded by markets.

Senior officials have even begun referring to this future construction by a new name, the European Monetary Fund, which would operate like many other European Union institutions – with decisions taken by a qualified majority vote rather than unanimity. Such proposals will feature in a review of eurozone governance overseen by Herman Van Rompuy, the European Council president, next month

Daniel Gros, director of the Centre for European Policy Studies think-tank, estimated that under some scenarios, the EFSF – and its successor, a permanent agency called the European Stability Mechanism – would have to be as big as €4,000bn ($6.2 trillion).

Such an increase would mean France, whose triple A rating is essential to the market credibility of the EFSF, would see its debt levels rocket, at a time when its bond rating is already under scrutiny. “It’s just not conceivable to have a much larger EFSF and still have France as triple A,” said Mr Gros.


DB here. Meanwhile UK Prime Minister David Cameron is in the news today calling for "a big bazooka approach to bailouts" warning they have only a few weeks to avert economic disaster. And Merkel and Sarkozy met again today and claim to have reached agreement on a massive EURO bank bailout, though neither would release details."