The euro is irreversible - Has Germany reconquered the continent?

http://www.nytimes.com/2012/09/07/bu...pagewanted=all

Central Bank to Snap Up Debt, Saying, ‘Euro Is Irreversible’
By JACK EWING and MELISSA EDDY

FRANKFURT — The European Central Bank on Thursday announced a sweeping program for buying the bonds of troubled euro zone countries, giving the bank potentially unprecedented power.

While the bank’s president, Mario Draghi, insisted that the central bank was not violating a prohibition on its financing governments, it was effectively becoming lender of last resort to countries as well as banks.

“We will have a fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability in the euro area,” Mr. Draghi said during a news conference. “The euro is irreversible.”

Interesting....

The bank will not treat itself as a preferred creditor, entitled to get paid before other bondholders if a country defaults. But it will not take losses on Greek bonds it already holds, even though private creditors were required to do so.


one world government is now 1 step closer

Since Germany was against the buy out how are they conquering Europe? I only vaguely follow what's going on 'over there'.

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Originally Posted by ronaldrwl

Since Germany was against the buy out how are they conquering Europe? I only vaguely follow what's going on 'over there'.

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Germany is funding the Central Bank. There are factions within Germany that oppose this move, but it seems like the majority of German politicians support the move. If the German's pay for it, don't you think they will take possession?

The sad thing for western Europe is that very few countries seem to be worried or able to turn around their slide into economic oblivion. Even sadder is that there are people in this country who still want to walk the same path. [Rant2]

Germany has been funding it but not very happily. They've been demanding all the hard-core austerity measures that neither party would dare do in the US.

Unfortunately, Germany is sliding down now: http://www.nakedcapitalism.com/2012/...recession.html

I just don't see how the EU can continue. I bet that it'll be much smaller in a couple of years.

Steve

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Originally Posted by ronaldrwl

Since Germany was against the buy out how are they conquering Europe? I only vaguely follow what's going on 'over there'.

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much in the same way China is conquering the U.S. without firing a single shot.

think about it, let them get SO indebted to you that you own them AND their resources...
Then you aren't losing people and your resources in conquering them!

I do watch CNBC Europe often.

I think ECB and "Super Mario" is more interested in short term than Germany.