Good analysis except that where their are debtors there are creditors and so the idea of a conference “to multilaterally default on debt” lacks sense. In fact, the debtor nations have to renegotiate their debt with their creditors: they can’t pay their debt so they have to offer something else, a change in policy which essentially ends America, the empire, and begins America, the sovereign nation state
Bob Chapman
Global Research
17th October, 2010
Today’s great debate basically between the US and Europe is – should the Fed go full bore by implementing a second quantitative easing? In part it is a moot point, because they have been doing just that in the repo market for four months without letting anyone know what they were up too. Their mandate is to reduce inflation and create full employment. Real inflation is 7% and unemployment is 22-3/4%. The Fed for three years has concentrated on bailing out Wall Street, banking, insurance and transnational conglomerates. Little has been done to fulfill their mandated mission. The main recipients of their largess, of course, are the firms that actually own the privately owned Fed.
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