German FinMin Schaeuble has been on TV for the last 30 minutes explaining the ‘bailout’ reality to the ugly mob that is the German taxpayers. Less than 12 hours after the German Constitutional Court rejected complaints against the ESM – though added conditions capping German indebtedness – it seems the need to explain the limited ‘unlimited’ liability to the people is high. To wit:
Youri Carma: Ofcourse Schauble’s ‘NEIN! NEIN! NEIN!’ sounds funny but he’s right, it can’t be done. It’s madness but who will follow him?
NEIN – “No country in Europe” can hope for the ECB to “fire up the money printing press,” Schaeuble says. Germany “will make sure that it doesn’t happen”
NEIN – *SCHAEUBLE SAYS ECB DOESN’T HAVE MANDATE TO FINANCE STATES
NEIN – *SCHAEUBLE SAYS ESM CAN’T HAVE BANKING LICENSE
From: Here Is The First Post-ESM-Decision ‘Nein’ From Germany (Zero Hedge)
Grant: In Fact The ECB Is Already Printing Money
Moody’s Changes Euro Zone Rating Outlook to ‘Negative’
The negative outlook on the EU’s long-term ratings reflects the negative outlook on the Aaa ratings of the member states with large contributions to the EU budget: Germany, France, the U.K., and the Netherlands, which together account for around 45% of the EU’s budget revenue,” the ratings agency said.
IMF keen to help in ECB bond-buying plan: Lagarde
IMF same exact four-step program
1 Privatization ‘Briberization.’
2 IMF/World Bank capital market deregulation allows investment capital to flow in and out the “Hot Money” cycle.
3 Market-Based Pricing, a fancy term for raising prices on food, water and cooking gas
4 IMF and World Bank call their “poverty reduction strategy”: Free Trade- “The IMF riot.”