Green Room

Snowflakes upon snowflakes

posted at 5:50 pm on May 10, 2010 by

An email from a friend:

So the ministers got together and pledged 750 billion Euros to keep the Euro from falling. That seems a bit like propping up snowflakes with snowflakes.

Peter Boone and Simon Johnson call this “an alliance of convenience between troubled governments in the south of Europe and the north European banks (and implicitly, north American banks) who enabled their debt habit.” Tyler Cowen points to the implications of large shadow economies, where the shadows are filled by those escaping oppressive taxation.

Exit question: When the EU says it will defend the euro “whatever it takes,” should it be any surprise that speculators will want to test that stand? Haven’t you created a one-way bet?

UPDATE: Oh, wait. It turns out the money that doesn’t come from the IMF has to come through national parliaments. Kevin Drum provides details and asks

I wonder if there are going to be any recalcitrant parliaments out there? And I wonder if any of the dozen or so fights it’s going to take to get approval for this fund will just end up making Europe look even more feckless than it already does? Remember what happened when Congress initially voted against TARP?

Recently in the Green Room:



Trackback URL


I saw a news report that Germany and Britain have already threatened to withdraw. There is a rumor that Germany is planning to reinstitute the DeutscMark.

sabbahillel on May 10, 2010 at 10:05 PM

The EU-tanic is going down…get to the lifeboats while you can, European nations.

Dark-Star on May 10, 2010 at 11:27 PM

The EU is going to fall apart, and I don’t want them taking us down with them. We need to support the states that move toward fiscal responsibility and cut loose the rest. No more Sugar Uncle Sam.

Kissmygrits on May 11, 2010 at 11:33 AM

No more Sugar Uncle Sam.

Kissmygrits on May 11, 2010 at 11:33 AM

That’s coming soon enough…and it won’t be pretty for all the nations we’re propping up if we don’t acknowledge reality ASAP.

The only choice will be if our departure is made in an orderly and planned manner, or a frantic exit that leaves behind chaos in the vacuum we leave behind.

There is no third option at this point. We’ve reached the financial point of no return.

Dark-Star on May 11, 2010 at 1:39 PM

HotAir — Politics, Culture, Media, 2017, Breaking News from a conservative viewpoint
Top Pick

Going for the record

Top Pick

“We will answer them on the field”

Taking it to the limit

Sunday morning talking heads

Jazz Shaw Jun 25, 2017 8:01 AM

Health care and tweeting and Russia, oh my!

Will they stay or will they go?

I can’t imagine what I was thinking when I said that

Rocking the boat majorly

Big government never contracts. It only grows more powerful

It’s only a “ban” until it becomes inconvenient

The decline and fall of Obamacare and the AHCA

Jazz Shaw Jun 24, 2017 8:31 AM

This was all over before it began

Fixing crime in America is a complicated issue

Taylor Millard Jun 23, 2017 8:31 PM

Cops alone won’t solve it.

Victim’s father was President Maduro’s supervisor back when he was a bus driver.

Democrats forgot all about the “era of good feelings”

“Bernie and Jane Sanders have lawyered up.”

“the Judiciary Committee is examining the circumstances surrounding the removal of James Comey.”

Winning isn’t everything. It is the only thing

Trump signs VA reform bill into law

John Sexton Jun 23, 2017 2:41 PM

“What happened was a national disgrace, and yet some of the employees involved in these scandals remained on the payrolls.”

A new era of something.

“…died suddenly in less than a week just after his return to the U.S.”

The shortsightedness of “Denounce and Preserve”

Taylor Millard Jun 23, 2017 12:11 PM

Pragmatism for the sake of pragmatism doesn’t always work.

Perhaps if you threw in a new car?

Gay marriages still growing, but not as fast

Andrew Malcolm Jun 23, 2017 10:31 AM

More, but not as quickly.

Should’ve stuck with the pirate gig. It was working for him

The battle for the rubble of Raqqa is underway

Andrew Malcolm Jun 23, 2017 8:51 AM

Won’t be much left.

Your list of demands is a publicity stunt

“what happened that day was emblematic of a deeply troubling trend among progressives…”

“The jobs are still leaving. Nothing has stopped.”

Bad vendor. Bad! No cookie!

“The Corps is just starting to grapple with the issues the court has identified.”

“So you want me to sing my praises, is that what you’re saying?”

Why would we possibly want that?

“I mean he sold our country to The Russians.”

I could think of someone else you might want to ask about…

“You can ask a hundred people what hate speech is and you get a thousand different answers”

Trump: I never made any recordings of Comey

Allahpundit Jun 22, 2017 2:01 PM


Hackers stole private data from election databases

John Sexton Jun 22, 2017 1:21 PM

“90,000 records stolen by Russian state actors contained drivers license numbers”