BRUSSELS — The British government Wednesday signaled its willingness to offer direct financial assistance to Ireland, as a team from the International Monetary Fund and the European Union was preparing to descend on Dublin on Thursday to work with the Irish on a rescue package aimed at defusing the latest European debt crisis.
Read more in the New York Times
Comment: In 2004, I wrote:
"Since Alan Greenspan took office, financial markets in the US have operated under a quasi official charter, which says that the central bank will protect its major actors from the risk of bankruptcy. Consequently, the reasoning emerged that when you succeed, you will earn high profits and market share, and if you should fail, the authorities will save you anyway..."
http://mises.org/daily/1627
No comments:
Post a Comment