The Renaissance. The Age of Enlightenment. The Industrial Revolution. The Gilded Age. The Cold War. The Information Age.
The Bailout Age?
The printing press already has its own prominent place in history, so we’re not sure what else to call the first couple decades of the new millennium. But after this morning’s news, there’s little debate: time to fire it up!
The European Union (EU) and International Monetary Fund (IMF) announced a plan that comes straight out of the United States’ playbook: smother debt flare-ups with truckloads of “free money” while the central bank manipulates rates.
European leaders unveiled a $957 billion plan to save themselves and their currency. Here’s the quick and dirty:
The EU will pony up $560 billion in new loans and $76 billion in existing deals for the GIIPS nations (as we’ve taken to calling them…no reason to give pigs such a bad rap)
The IMF says its ready with $321 billion
The European Central Bank (ECB) has abandoned its old stance (and credibility) by launching a program to purchase government and corporate debt.
“This is like pouring Chanel No. 5 on a French ‘lady of the evening,’” Rob Parenteau wrote us early this morning, “after a night of wanton debauchery.”
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