French Finance Minister Christine Lugarde, IMF |
Run For Your Lives' ... Euro Zone Considers Solution of Last Resort: The ink on the most recent European Union
summit agreement was hardly dry before it became clear that it was
insufficient. With investors now increasingly wary of Italy, the
consensus is growing that the European Central Bank – and the IMF – will have to play an even greater role. But will it be enough? – Der Spiegel Online
Dominant Social Theme: We didn't want it. We didn't
mean to suggest it. We don't think it's a good idea. But it looks like
the European Central Bank and the International Monetary Fund will
simply have to take a bigger role in solving this terrible crisis.
Free-Market Analysis: It is all too predictable.
We've been writing for months on the possibility that the entire EU
crisis is a kind of contrived one and this article post at Der Spiegel
Online does nothing to discourage this supposition.
It's likely nothing more than a power elite dominant social theme, that the Euro-crisis is a deadly one and that the EU simply cannot figure out what to do. The meme is simple: Financial leaders with power and common sense must come to the rescue.
Isn't it obvious who the heroes are going to be? Why, the central
bankers, of course! These good, gray men with careful phraseology and
elliptical sentiments are the hope of mankind. When politicians dither
and markets act irrationally these mavens of monetary price-fixing will
get the job done.
A central banker is looking to lead the Greek unity government –
which is unified with the efficiency of a shotgun marriage – and now Der
Spiegel, Germany's leading elite mouthpiece, informs us that consensus
is "growing" to have the IMF and ECB "play a greater role." What a
coincidence.