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Monday, May 10, 2010

The Great Euro Bailout

Items of Interest:

New York Times:
European Officials Act to Carry Out Rescue Package -- European officials on Monday took steps to tackle the widening sovereign debt crisis that has destabilized the Continent.

Just hours after leaders agreed to provide nearly $1 trillion as part of a huge rescue package, central banks began buying euro zone government bonds directly on Monday — an unprecedented move to inject cash into the financial system...

Michael Shedlock / Mish's Global Economic …: Shock and Awe Part II; Show of Force Rises to $962 billion …
David Goldman / Inner Workings:
The government bails out the banks who bail out the governments who bail out the banks who… -- The banking system really was about to come down. The reason is that sovereign debt is a bigger problem than subprime mortgages ever were. We know from available data that two-thirds of the US deficit, according to available numbers, has been financed by domestic as well as foreign banks during the last quarter of 2009 and the first quarter of 2010... It’s all been done by smoke and mirrors.
Spengler / Asia Times:
Ignore that Keynes behind the arras -- This was supposed to have been the final triumph of John Maynard Keynes, the crisis in which governments actually did what he urged them to do during the Great Depression, the proof that an elite of puppeteers in control of monetary and fiscal policy could make the innumerable actors in economic life march wide-eyed toward recovery...
Kevin Depew / Minyanville: EU Announces "Shock and Awe" Campaign for Fat City
Luigi Zingales / City Journal: Greece Needs a Restructuring, Not a Bailout
Ambrose Evans-Pritchard / Daily Telegraph: EU Rescue Could Doom the Euro
Robert Samuelson / Newsweek:  Greece Is the Welfare State's Death Spiral
Bill Frezza / RealClearMarkets: Are the Greek Riots A Peek Into Our Future?
ZeroHedge: Save The Euro By Destroying It
EconomicPolicyJournal.com: Trillion Dollar Madness

Robert Samuelson / Real Clear Politics:
The Welfare State's Death Spiral — What we're seeing in Greece is the death spiral of the welfare state.  This isn't Greece's problem alone, and that's why its crisis has rattled global stock markets and threatens economic recovery.  Virtually every advanced nation, including the United States, faces the same prospect.

Jeff G. / protein wisdom:   “The Welfare State's Death Spiral”
Dean Baker / ourfuture.org:   Robert Samuelson Didn't Hear About the Recession

Jazz Shaw / Hot Air:
NYT Tells Greece to Abandon Socialized Medicine?
Ezra Klein:
Who is Europe really bailing out?  —  Tyler Cowen has some …
Tyler Cowen / Marginal Revolution:
Simple thoughts on Europe
Myglesias / Matthew Yglesias:   Europe Needs Growth
Real Time Economics:   The ECB Takes a Very Big Step
Mike Mandel / Mandel on Innovation and Growth:   Economics Statistics in an Alternative Universe
The Euro is trying to outrun the sovereign debt tornado.

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia