Aggregator • MaxedOutMama • ID=79800
That's the big news today. ECB is on the hook. What will they do? What will they promise? How much will they throw in the kitty?
Monti of Italy is running around putting the arm on everyone, and he has the leverage. The German economic travails are beginning to be felt, so now the negotiations get serious. An Italian comedian named Beppe Grillo really does have more power right now than the chancellor of Germany. Folks, this is history in the making. It's not happy history, but it's fascinating beyond compare. You might as well pull up a chair and enjoy the show. It's free. They haven't figured out how to tax it yet.
The real battle now is not whether there will be an intervention to push down Italian and Spanish bond prices. There will be. These two countries have Europe by the nads, and they are squeezing. The battle is whether Spain and Italy will have to accept some external control in exchange, and both Italy and Spain are playing hardball right now on that issue. They say no. The northern bloc is saying yes. I think Italy and Spain will win, but your guess is as good as mine. ... more