Angela Merkel may be a hero to some conservatives because she has stood up for fiscal rectitude and resisted the G-7’s relentless importuning to betray Germany’s taxpayers and join the “stimulus” brigade. But that’s as far as it goes.
The truth of the matter is that she is actually a power-hungry statist menace who is an abysmal ignoramus when it comes to the fundamentals of money and finance. That is on display once again as she drives the rickety machinery of the misbegotten eurozone superstate toward “a solution before the markets open on Monday”.
Those eight words are the heart of the statist catastrophe which is now engulfing the world economy.
They harken back through countless weekends of crisis and jerry-rigged bailouts in an unbroken line to Hank Paulson’s bazooka. That’s when the hideous $5 trillion disaster known as Freddie Mac and Fannie Mae—-erected by politicians over decades—- first broke out in July 2008 and prompted those very same clueless politicians to launch an era of financial governance by Gong Show.
So let’s make it loud and clear. Angela Merkel, you are the head of a government that’s supposed to provide autobahns, public schools, state forests and even social insurance, if you must, within the borders of Germany. But it is none of your damn business what happens when “the markets open on Monday”.
Butt out! The whole purpose of financial markets is