Brussel’s sheer stupidity in pushing Greece to pay debts nobody else honors is absolute madness. The proposal we set forth at the Solution Conference is far deeper than many realize at first sight. Eliminating government debt at the federal level will save Europe for with this sort of debt-equity swap, which precisely Putin is looking at now in Greece but with state assets, is ultimately the only way out. The problem with this immediate solution of a Russian bailout is that this does not alter the crisis that is underway. This is taking and Advil for the pain but not addressing what is causing the pain.
Still looking deeper, this meeting illustrates the decline and fall of not merely Europe, but that of the United States as well. The Obama administration with hindsight may be equivalent with the Roman Emperor Gallienus who destroyed the Roman Empire in 8.6 years. He accomplished that stunning goal by wiping out the CONFIDENCE in government. Obama is accomplishing the same process in what appears to be two terms of 8 years.
This post was published at Armstrong Economics on April 8, 2015.
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