The Federal Reserve has committed to another bailout today. No Congressional approval was asked for or needed. The recipients of this bailout are not the labor unions, community organizational groups or Democrat contributors. This time the recipient is the European Union.
The producers in the United States can now add the dubious honor of bailing out the irresponsible Greek, Italian, Portuguese, Spanish, French, Irish and Icelandic people who have placed irresponsible fiscal spending and social programs above their children’s future. The consequences of this action are clear: the European Union will not be saved and the inevitable collapse will be postponed. The Chinese bailout that was widely promoted as saving the EU earlier this week turned out to be another bad rumor in a long series of misinformation concerning the economic health of the EU.
What is the impact on the United States: devaluation of the dollar as the Treasury prints more currency to bail out another beggar with their hands out. As the value of your wealth slips into obscurity, take satisfaction that the Greek people are thanking you as they sit on the beach. You can also take satisfaction knowing that the timetable for our collapse has been expedited.