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Euro-zombie-debtor-lemmings drown on

April 23, 2012

Euro-zombie-debtor-lemmings drown on.

The IMF’s pledge to increase its rescue fund to $1 trillion encourages EMU and German elites to believe the essence of this crisis is a speculative attack on the euro, and that defensive firepower on a crushing scale is therefore the solution. Photo: Getty Images

IMF encourages Europe’s economic suicide – Telegraph

“Another vast pledge to save the euro, another chance lost to break the hold of   Europe’s austerity mystics and force a shift in strategic direction.

“We’re north of a trillion dollars,” said Christine Lagarde, the International   Monetary Fund’s queen bee. Kudos to her for netting such sums in her Louis   Vuitton handbag but what exactly does this achieve, given that Europe   remains bent on committing “economic suicide” — in the words of Nobel   laureate Paul Krugman?

Big language from world officialdom had traction in the early phases of this   saga, when episodic spasms of angst caused “sudden stops” in capital to the   South – each quickly reversed by bazookas, firewalls, and solemn   incantations.

Europe has by now progressed to the tertiary phase of its currency disease. A   large chunk of global funding for EMU deficit states has been cut off   indefinitely. There has been an almost irreversible collapse of investor   confidence in the policy mix and governing machinery of monetary union. It   is a “permanent stop”. Firewall can do nothing for this condition. ”

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