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 …
Stephen M. Walt: Whither Europe (and NATO)?Felix Salmon: The EU bailout: Too much, too lateJacob Goldstein / NPR Topics: European Bailout Includes Loan Promise From U.S. FedKid Dynamite / Kid Dynamite's World: I Learned It By Watching YOU! — The Ponzi world is in full effect …David Sessions / Politics Daily: E.U. Leaders Promise $957 Billion Rescue Package for Euro ZoneGuardian: LIVE: EU financial crisis
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...
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
NYT Tells Greece to Abandon Socialized Medicine?
John / Verum Serum: The Death of Democracy in Greece (and its Resurrection in America)
Who is Europe really bailing out? — Tyler Cowen has some …
Michael Corkery / Deal Journal: Euro Bailout: What is Another Trillion If You've Already Spent $1 Trillion?Myglesias / Matthew Yglesias: The Make-Believe Economy? — According to Tyler Cowen …
Simple thoughts on Europe
Myglesias / Matthew Yglesias: Europe Needs GrowthReal Time Economics: The ECB Takes a Very Big StepSimon Johnson / The Baseline Scenario: Eurozone: The Kitchen Sink Goes In - Now It's All About SolvencyMike Mandel / Mandel on Innovation and Growth: Economics Statistics in an Alternative UniverseArnold Kling / EconLog: Europe's TARP … His other 11 short points also are interesting.