Blogs For Victory

From Zero Hedge:

The Obama administration has been fiercely lobbying European governments and central banks to shut up and do something. No more disagreements in public, Timothy Geithner told them in Poland. No more disputes over fundamental issues. To heck with democratic problem resolution. The world is collapsing, and it’s time to act boldly and decisively. Hank Paulson’s extortion racket is back.

This time, it isn’t Congress and American taxpayers that are targeted, but the Europeans, or rather a select few, in particular certain recalcitrant elements in the German government and in the Bundesbank. The White House brandishes the big fix of 2008 and 2009. That’s how we fixed our crisis, that’s how you should fix yours, they say.

Alas, the big fix of 2008 and 2009 today: Withered green shoots, high unemployment, annual budget deficits near 10% of GDP, and a gargantuan pile of debt…

So, why would Obama and Co want the Europeans to do that?  Because they are afraid that an European collapse will drop the whole world in to Depression and that would kill off any chance of Obama getting re-elected.  It doesn’t matter that duplicating our efforts 2008-09 would ultimately fail and,  indeed, leave Europe and the world worse off…all that matters is getting the economy to limp past November, 2012 without a Great Depression.

This is a Ruling Class in panic…worried that it really is all coming to an end.  But here’s Obama’s problem – he’s got to get the Germans to agree to kill their own economy in order to bail out Greece, Spain, etc…and if Germany agrees to do that, then Chancellor Merkel will be crushed at the next German elections.  Merkel must politically die so that Obama may politically live…and, if you polled the Ruling Class, that would probably be considered a good outcome.  Obama has become the lynch pin of a corrupt, self-serving, global elite…if he goes, the sort of reforms to be enacted in the United States would pave the way for the rest of the world’s people to reform themselves.  But, will Merkel do it?

That remains to be seen.  It also remains to be seen whether such actions by Europe can really save the day.  I don’t think they can…I think the debt has piled so high and the insolvency has spread to widely in the financial system that nothing can really stop the crash.  But, we shall see.  But remember what is going on here – the Ruling Class is trying to save itself.  Whatever they say, remember what the real goal is:  Saving Obama.