I like me some ZeroHedge. Which is not good, because I hate me some ZeroHedge. It’s the gold kook fringe, complete with anti-semitism, open-borders-ism, Illuminati tinfoil-hat-ism, and a host of other internet diseases.
But when you’re right, you’re right. The EU is moving to confiscate private savings to finance what venture capital will no longer touch. It’s the equivalent of putting out fires by throwing poor people on them. Flammable poor people, as it won’t actually fix the problem, but will delay it (adding interest) while adding to the actual principal.
Spending money you don’t have is an addiction, and any remedy which does not involve cutting spending is just a drunk at the end of the bar screaming that he can quit any time as a crowd gathers.
Why do we care about the stinking EU? Don’t they deserve this lunacy? Well, sort of, and because it’s not just them, it’s us. First off, many countries in the EU have held referenda in which the people refuse to be made subject to the diktats issuing from Brussels. But it doesn;t matter, because they just keep holding the votes until they turn out the way the EU wants them. Then there was the time three men got off of a plane in Athens and told Greece not to have a referendum: Nigel Farage.
Second, ZH has pointed out the mechanism by which this crime will be imported to the United States. The seizure, as a simple theft but dressed up by accountants and lawmakers alike, will be accomplished in a way which gives the European banks a competitive advantage over US banks. Of course, it’s free money when you steal it.
You know who will make sure that American banks get treated “fairly”? That’s rightm American banks and American lawmakers will import this “fairness” by telling us all how unfair it is that the Europeans can finance growth projects and we cannot, and that’s why nobody has a job. And Paul Krugman, the disease-ridden rodent, will cite the whole thing as proof that the problem with our economy is that too many people have money “on the sidelines”, which is a Marxist codeword for the evil of private property.
ZH is full of wild-eyed predictions and shady “advice” written by people selling things. And the way they mark up their dubious charts with even more dubious “technicals” ( a term which apparently means “doodling on charts”) resembles nothing more than a bunch of schoolkids drawing penises on the walls of the math classroom.
What makes this one ring true is the slow-moving, detail-oriented, boring and thoroughly tested nature of the thing. Some time I’ll tell you about the word “template”.
Tags: Zerohedge
