Hilarious the way these people come out with phrases such as “deal with” in relation to debt. as if there was some magic solution. The only way to deal with debt is:
A) to earn more money to pay it off; raising taxes is another ploy, but puts people off working
B) in the meantime cut your spending
C) find some idiot to lend and/or give you vast amounts of dosh
D) default on your creditors
Perhaps Mr Geithner would like to tell Europe which option(s) to take? In fact:
A) isn’t working (vicious circle syndrome, plus a dose of “The world owes us a living.”)
B) a feeble and insufficient effort is being made in this direction, especially to stuff the plebs
C) is the Greek and Italian method but is running out of fashion
D) is about to happen big time
Anyway, I await to hear Mr Geitner’s magic solutions rather than his meaningless urgings. And in the following he excelled himself:
“Mr Geithner suggested to the meeting that the fund should be dramatically expanded by borrowing money from the European Central Bank. ”
He really is a moron, no?
A) You don’t get out of debt by borrowing ever more vast amounts of money.
B) The ECB doesn’t HAVE any money. NOBODY actually has any money – anything LOANED has to be BORROWED YET AGAIN.
C)I have seen nothing to suggest that the ECB is legally entitled to loan vast sums to junk countries. AND WHOSE MONEY ARE THEY LENDING, OR ARE THEY PRINTING IT?
Insanity stalks the free world ……