From the IMF:
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement today on Portugal:
“The IMF has received a request for financial assistance from the Portuguese authorities and we stand ready to join the effort, together with our European partners, to help restore growth and financial stability in Portugal…”
The primary support for the IMF comes from the United States – and so, dear Americans, if you want to know who will be on the hook to help pay off Banksters who loaned Portugal too much money, look in the mirror. Yes, you can be mad at the Portuguese, if you like. They did go on a spending binge using borrowed money to give themselves a life style they hadn’t earned by hard work…but, then again, they wouldn’t have been able to do it if there weren’t bankers whose greed is only exceeded by their stupidity.
Think about it – from what I’ve read, Portugal, a nation of about 10 million people, needs $99 billion to square accounts. There is no way on earth that a population of 10 million – which is, by the way, declining because of a collapsed birth rate – can ever pay off $99 billion while also finding money for, you know?, living. It just can’t be done…but the Banksters loaned them that absurd amount and now want their money. Meanwhile, the Ruling Class is frightened that if the Banksters don’t get it, financial collapse will ensue with dangerous political consequences for, well, the Ruling Class. And, so, to the taxpayers they go…and not just us; they will also be hitting up European taxpayers, too.
More debt and more money printing…higher inflation and lower economic growth. All done because stupid people simply don’t want to face the consequences of their actions. Really, at best they are only buying some time. They are hoping against hope that some how, some way, a magical spurt of economic growth will ensue to create the phenomenal amount of new wealth necessary to both service the debt and make the newly printed money worth something. It won’t happen – we are doomed to financial collapse. The only question is how bad it will be – from really bad (the best-case scenario, right now) to utterly catastrophic (which is what we’ll get if we don’t stop this nonsense right quick).
Just burns me up – that it is happening and that there is little or nothing we can do to stop it before Election Day, 2012.
HAT TIP: Zero Hedge
Blogs For Victory 