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Guest Post: This Country Defaulted Long Ago
Submitted by Jim Quinn of The Burning Platform
This Country Defaulted Long Ago
“There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved.” – Ludwig von Mises
The final collapse of our credit expansion boom approaches. We have a choice over the next week. We could voluntarily abandon further credit expansion by voting for a Balanced Budget Amendment to the Constitution or we can raise the debt ceiling, pretend to cut spending far in the future, and allow our currency system to experience a catastrophic final collapse.
We’ll take what’s behind door #2 Johnny. The vested interests in Washington DC and Wall Street only care about power and wealth. They will never abandon credit expansion. It’s their drug. They must have it. They are addicted to it. They will keep injecting it into our system until they overdose America.
The mainstream media acts as if not raising the debt ceiling by next Tuesday will result in America defaulting. This is a crock. America chose to proceed on a path to default decades ago. We are just finally reaching our destination. Below are the choices we made as a people and a country to default on our obligations and eventually destroy our country:
- The enactment of the 16th Amendment to the Constitution in 1913 allowing the government to impose a tax on your income, thereby opening Pandora’s Box to a 60,000 page tax code and allowing politicians to sell their votes to the highest bidder.
- The signing into law of the Federal Reserve Act by Woodrow Wilson in 1913, transferring control of our currency system to Wall Street banks. The man made inflation created by the Federal Reserve has reduced the purchasing power of the USD by 97% since 1913 and has allowed politicians to promise $100 trillion of benefits to Americans, that can never be delivered.
- The Social Security Act signed into law by Franklin Delano Roosevelt in 1935, supposedly to help widows and orphans, morphed into a giant ponzi scheme used by politicians to make Americans think it was a retirement plan and the money was in a lockbox. The scam continues, but ponzi schemes always collapse.
- Fannie Mae was created in 1938 as a government agency and Freddie Mac was created in 1970 as a quasi-government agency. By promoting home ownership and subsidizing loans to people who should have never gotten loans these agencies caused hundreds of billions in mal-investment. As tools of politicians, they were used to push social agendas. The result will be in excess of $300 billion in losses to the American taxpayer.
- The Korean War set a precedent where the President did not need to seek Congress to declare war as required under the Constitution. This has allowed the President the freedom to fight undeclared wars around the world for decades, while spending trillions, with no approval from Congress.
- LBJ’s Great Society programs such as Medicare and Medicaid were sold to Americans as cost saving programs that would improve healthcare for all Americans. We now spend 17% of our GDP on healthcare and these two programs have an unfunded liability of almost $100 trillion.
- Nixon closing the gold window in 1971 removed all restraint on the Federal Reserve, banks and politicians. With a fiat currency backed by nothing but promises, it was only a matter of time before the greed and corruption of bankers and politicians overcame any self imposed fiscal responsibility. The result has been the National Debt going from $400 billion in 1971 to $14.4 trillion today, a 3,600% increase in 40 years. Meanwhile, GDP only increased 1,350% over this same time frame.
- The embrace of consumer debt by the Baby Boom generation beginning in 1980 created an atmosphere of living for today and not worrying about the future. This attitude has left 50% of all the households in the country with a net worth of $70,000 or below.
- The repeal of the Glass Steagall Act in 1999 unleashed the hounds of hell upon America, as the soulless blood sucking vampires on Wall Street proceeded to rape and pillage the American economy with their financial derivatives of mass destruction and marketing of debt to the clueless masses. The housing bust and impoverishment of the middle class can be laid at the feet of these evil greedy bastards.
- Bush’s unpaid for wars of choice, his reckless tax cuts, and his foolish expansion of a bankrupt Medicare program in the midst of two wars turbo charged the country on its path to default.
- By bailing out Wall Street on the backs of the middle class in 2008/2009, the politicians in this country showed their hand. They will protect their fellow power brokers and contributors and throw the American people under the bus. Wall Street controls Congress.
- The Keynesian schemes rolled out by Obama and his minions have just added trillions of debt while depressing the economic system and doing nothing to help the average person. The Fed created inflation has inflamed revolution through out the world and further impoverished the middle class who need to eat and fill up their cars.
- In the midst of a Depression Obama chose to create a brand new healthcare bureaucracy, add 30 million people into the government controlled system, and commit the US taxpayer to trillions of future healthcare costs.
As you can see, next Tuesday means nothing. The debt ceiling means nothing. We chose to default as a nation many years ago. The destination was certain, only the timing was in question. Time to step on the gas.
“Credit expansion is not a nostrum to make people happy. The boom it engenders must inevitably lead to a debacle and unhappiness.” – Ludwig von Mises
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Because most of them work in China now??
And cost per day less than First World cost per hour??
Just the taxes paid by and for an American full time factory worker are more than total cost of that worker in China.
We have finally come to realize that intellectual capitol means nothing without producers. Remember the BS about the US becoming an information based service economy. How is that working out for us?
Oh yeah, because taking control of over half the economy is such a sacred principle. Government couldn't possibly dream of just spending less, could it?
Yeah, it is a neat scam. The neatest part is where the money is printed and then loaned to government, so we can all produce real value and pay back the air-money with interest. But consider for a moment the investor with real savings who buys government debt. The premise is that the government will make them rich by sticking a gun in my ribs and taking away what I earn, in return for helping them rule over me with their investment. Well guess what? That's a toxic principle, it's immoral on the face of it. Any idiot who thinks it's all right to invest in bondage deserves to lose every stinking dime of it.
It's not my debt, and I'm not paying it!
Entreprenuers create wealth. Ordinary workers are in abundance in Mexico. Where's the wealth?
If ordinary workers create so much wealth, there would be no such thing is poverty on this planet. The planet is populated with billions of ordinary workers.
Just look around, it's already a done deal. Where?? Any communist country that has lower taxes, fewer regulations and more freedom to make and sell stuff than here in the Land Of The Free and Home Of The Brave. Our manufacturing has been gutted while theirs has been built up. How do you suppose that happened?
I don't hink he is arguing that tax cuts are bad. I think that he is arguing that choosing to pay for programs with debt is bad. If you are going to go to war and expand a government program tax cuts and funding them through debt is probably not wise.
That is how you can reconcile #1 and #10
I don't understand where all these 'extra jobs' Syrin is boasting about are. Taco Bell?
US needs to return to its old top tier income tax rate of 71% on those earning over $2M per year.
And effective corporation tax needs to move up closer to 40%. Giving net tax refunds to highly profitable corporates like GE and the oil majors is extremely damaging to the provision of basic government services.
People like you are a threat to this country. These "extra jobs" that I site come from GOV'T web sites. FACTS speak for themselves. You arbitrarily set some punitive tax figure that would help further the economic ruin of this nation just based on what you "feel" is right. brilliant. Jealousy is often the sound basis of good economic policy. In fact, most good decisions in life are based on jealousy. The major oil companies pay a s*** load in taxes while the gov't is the single biggest profiteer on gas in this country. Still not enough for you. Gov't Electric and Goc't Motors are beneficiaries of their fascists relationship with the gov't.
http://www.americanthinker.com/blog/2010/12/graph_for_the_day_for_december_4.html
Facts, dumb ass, facts.
top tier income tax rates in the US were at 71% or higher throughout the greatest expansion of the middle class and US industrial power in the 1960's and 1970's.
You should stop batting on behalf of the uber wealthy and ask them to pay their share in providing basic services to struggling Americans across the nation.
Its a crying shame that hugely profitable corporates like GE, ExxonMobil, etc end up paying less than 10% effective tax on their profits.
And this system isn't based on 'jealousy', its based on greed. The greed of the few.
I often wonder (not really) whether the expansion of the '60's and '70's was a more a product of technological advancements/achievements rather than the tax policies of the time. Kind of like all of the jobs created during the Clinton administration. Hell even Obama could have been well received during those years..........
Pay Day, why be such a piker and argue for a 71% tax rate? Here's an idea you might get behind: tax ALL income at 100% levels, no deductions? EVERYONE would contribute and pay a fair share in providing basice services. No exceptions of course.
The 1970's saw the decline of the US as in industrial power. It was due to the high tax rates you support.
The US needs to tax all government and union employees at 71%. I think that would make the US an industrial power again.
The Federal Government defaulted three times in history... 1933 executive order that Americans surrender most gold at a reduced price. FDR paid $20/ounce to Americans, defaulting on the official price of $35/ounce. Bretton Woods valued gold at $35/ounce until Nixon terminated the agreement based upon Milton Friedman's shitty advice. Another default.
The effect of Nixon decoupling the dollar from the gold standard reduced the value of The Dollar. Oil producing countries (OPEC) and others retaliated by raising the price of oil. Supplies to America were to exorbitant to pay for in the short run. When oil companies, once again, had the ability to pay for oil at the new prices, the crisis ended.
The Oil Crisis of 1973 occurred and was blamed on US backing of Israel in the October (or Yom Kippur) War. This was also to stop the US from running out of gold.
The defaults are really bankruptcies. The first, by FDR repudiating debts owed to the American people. The second, by Nixon in repudiating the gold standard and convertibility of the dollar into gold, thereby repudiating debts owed to other countries.
The third default, I cannot recall at this time.
Yeah put that hopium pipe down, 71%?! Watch how fast US citizenships are renounced and there is a mass inflow of people and capital to whatever country has the best deal for an expat...have you ever looked at the mass outflow of capital and businesses from kaleefornya thanks to taxes and parasitical welfare programs?! Just imagine that on a much grander scale! 40% effective tax rate?! Yeah not even Russia is above 20% across the board...obviously you forgot the first rule of financial accounting 101 from business school: Corporations pay no taxes, they only pass the costs on to their customers. The fascist gubmint has been 'picking winners' for years since that commie bastard FDR was sworn in and hasn't stopped yet. That is the problem.
Multimillionaires and billionaires who want to renounce their American citizenships and live in a 0% tax haven to avoid paying their share should definitely go and do so.
But doing that says something important about them and their loyalty to fellow Americans who are doing tough times, doesn't it?
Those "parastical welfare programs' you talk about help Americans stay fed, educated and housed in what was supposed to be the wealthiest country on the planet.
Where on earth are you from? If I had that much wealth I would've left long ago. I do not. I do not appreciate paying for my neighbors through the fruits of my labor either...especially when I see so many lazy people that would rather collect than work. Loyalty to fellow americans? Now you are using the false paradigm that taxes are a patriotic duty. They most certainly are not. Wealthiest country on the planet? Perhaps your .gov masters forgot to give you a copy of their book, the US is the most indebted place on the planet, moreso than the rest of the world combined. We have paid our 'fair share' to support those less fortunate for some time now, (mainly when the great society was created and added to in the 60s and 70s that oh so prosperous time you mention), where is the return on our investment? There is none just generational welfare collection by the masses, when was it my problem to educate anyone? As it stands now my tax dollars goto fund illegal aliens' higher education while I struggle to come up with the money to educate my own children. I live in a smaller house than that section 8 recipient with 4 kids and a cadillac escalade? Yeah keep hitting that pipe because you have to be completely fucking loaded to believe what you are saying. BTW here is a link to the book your masters forgot to give you.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2079rank.html
Pay Day, another idea (see idea on 100% tax on income above). Why not institute a 99% tax on WEALTH. The US has the military might to force any and all countries to repatriate wealth from wealthy folks who want to renounce US citizenship and flee. What about that?
I totally agree. All democrats should start paying 71% tax to show us the way. I'm sure after a few years, the rest of the population will see the light.
<moved>
More Karl Rove bullshit talking points. Bush created MORE debt than any human being in the history of the fucking planet you douchebag ideologue.
Wrong again you dumbfuck 0bot. Your Lord Messiah has created $5 trillion in debt over 3 years. Why don't you 0bots hand over more of YOUR money for 0bozo to spend? In Lord 0bozo you trust.
Wrong again fuckwad:
Debt on day Bush took office: $5.7 trillion
Debt on day Bush Left office: $10.6 trillion
Added Debt: $4.9 trillion
Debt added since Obama took office: $3.8 trillion
Facts don't matter to ideologue dickheads like yourself.
Syrnin the douchebag falls back on the old Karl Rove talking points. When you're going to lie, tell a big one. Morons are more likely to believe you.
George Bush created more debt than any human being in the history of the planet. That is his claim to fame, as well as getting 50,000 Americans killed in the Middle East for nothing.
Shills and ideologues like yourself are a dime a dozen. Keep spewing your lies and misinformation. There are enough ignorant masses to indulge your fantasy.
Douchenozzle Jim Quinn falls back on the 0bot talking points. You dumbfucks put your Lord Messiah in office and he created $5 trillion of debt in 3 years and your brainless skulls are still stuck up his ass
Get back to watching that little boy Rachel Madcow for your news. You dumbfucks deserve his stupidity.
Crawl back into you hole, you Karl Rove dick sucking troll.
http://www.marketwatch.com/story/cambodia-edges-away-from-us-dollar-2011...
The old green fiat ain't what it used to be, ain't what it used to be, ain't what it used to be...
Don't the Cambodians know that the next step is an invasion by U. S. Marines? I'm sure we have some gripe about them... say, didn't they spawn a "terrorist" or two?
The debt has probably been defaulting on for a long time now. The root is the path taken by the US since its inception, an expansionist path where expansion is supposed to provide with the loot to cover for today's indebtness.
When such expansion draws to its end, it appears that the debt can not be covered by the expansion process.
Kicking the can down the road until there is no more road left.
Gold will settle all accounts. Some will wail some will buy farms.
How does Jim Quinn square the 16th ammendment being a bad thing against Bush's tax cuts.
“
Tag line if there ever was one - the purchasing power of the dollar since 1913??? Tell me you are fucking joking here, please! The fed has been creating inflation since 1913? HA!
The signing into law of the Federal Reserve Act by Woodrow Wilson in 1913, transferring control of our currency system to Wall Street banks. The man made inflation created by the Federal Reserve has reduced the purchasing power of the USD by 97% since 1913 and has allowed politicians to promise $100 trillion of benefits to Americans, that can never be delivered. “From 1913 a dollar is worth today
$22.70 using the Consumer Price Index
$17.00 using the GDP deflator
$93.70 using the unskilled wage
$134.00 using the Production Worker Compensation
$117.00 using the nominal GDP per capita
$375.00 using the relative share of GDP !!!
375% with all the trimmings!! In the name of god stop propagating the lie man, you are either dabbling in bloodsucking disinformation or a fucking spastic, either way, I gather you want a default because you own an ounce of gold. Its like the shopkeeper who never does a stock take for 100 years then decides one day to have a nonchalant drunken count of the goods on his shelf - then shoots all his staff for stealing! Saying that the dollar has lost 97% of its value since 1913 without any other context just means you are a scaremongering charlatan, who frankly deserves a decent slap for upsetting concerned citizens.
Whos doing the motherfucking junking...arent you supposed to correct me? Is this not fight club? Did it turn into gay club when i wasnt looking? All i ask is that you prove to me that you should be 97% richer.
Wow, just wow. Lay off the drugs dude.
Please, explain.
That's the nice part about Fight Club. We don't have to explain anything, least of all to the likes of you.
Don't forget about the massive student loan problem. I am sure the prospect of having social security withheld for nonpayment is really a motivator.
People are fucking idiots.
The debt is strangling us, and the debt is fraudulent.
Only an extremist wants to pay off fraudulent debt.
Some idiots (tea, republican) want to cut to pay off fraudulent debt. Throw grandma over the bus, cut social security, medicare/medicaid, stop building roads, infrastructure, schools, etc
ALL TO DO THE BANKSTER'S BIDDING...Bankster Tea Party Non-Patriots, republicans have already been known as such for decades.
Some idiots (democrats) want to print or tax to pay off fraudulent debt. Debase the currency, or tax more people, or climate tax, or whatever.
ALL TO DO THE BANKSTER'S BIDDING....Bankster Democrats, Obama is clearly one.
So instead of following anti-american extremists positions of the idiot Tea party, or the usual dumbfucks (republicans/democrats), all to sell our soul to pay off bankster fraudulent debt, we need what?
Cancel the fraudulent debt.
How do you do it? Glass-Steagall
When do we want it?
NOW!
The tea party doesn't want to cut social security. They don't want to stop bulding infrustructure. Most of the tea party utilize these programs. They want government to stop the ridiculous spending. We have a bloated bureaucracy that needs trimming we have regulators to regulate the regulate the regulators, we have wars going on around the world that we should not be involved with. The tea party wants to put a stop to the ridiculousness of the government spending. By the way if it doesn't happen grandma will be eating dog food anyway because the whole system is about to collaps.
"The tea party doesn't want to cut social security."
But their GOP Reps in Congress do. Now why is that, given (as you say) many Tea Party supporters use those programs themselves?
"We have a bloated bureaucracy that needs trimming"
Actually, the US has been cutting into its muscle and bone for a while now. You can see it from the hobbling and the U6 unemployment rate.
No they have been cutting into those areas that directly impact us so that we bitch. They never cut into the bureaucracy where all the real waste is. As far as social security goes it should be adjusted for those of us who have 15,20 or more years to work. I'd gladly give up everything I paid in if I didnt have to pay another dime. For those people closer to and currently in retirement it needs to be left alone.
US Federal Budget
2001 = $2.2 trillion
2006 = $2.66 trillion
2011 = $3.82 trillion
Yep, we're cutting into the muscle and bone. You fucking dimwit idiots are pathetic.
'Actually, the US has been cutting into its muscle and bone for a while now. You can see it from the hobbling and the U6 unemployment rate.'
Just as I thought you are a .gov idiot...U6 is high because the environment for hiring folks is terrible have to pay out payroll taxes, ss, disabilty, workmans comp, and healthcare. Not to mention everyone, including the gubmint, is overleveraged. Allegedly small business creates 2/3 of all jobs. U6 is high because business are not opening and the ones that were open during the last gubmint/fed induced bubble are bankrupt now. I wouldn't hire either if I had a business. Your statement implies that U6 is high because of gubmint layoffs, (cutting bloated bureaucracies), which again is BS because the feds have ramped up hiring over the last 10 years. How do you think you got your job as a disinformation officer, dumbass?! But just keep spouting BS talking points in defense of the welfare state even though there is plenty of evidence, (the spot we are in now), to the contrary of your beliefs.
http://www.youtube.com/watch?v=2sBmUszhP_Q
exactly. Bailing out the excesses of the corrupt bankers and paying off the fraudulent debts is not going to happen ... but more war, and much larger one, will be the politicians solution as cover for their corruption
You're a fucking retarded cunt. you want a default? There will be an automatic 50% cut to all programs immediately based on tax revenues vs expenditures. YOU are the one calling for cuts to social security, medicare and throwing grandma under the bus.
2011 revenues = $2.3 trillion
2011 budget = $3.8 trillion
The default that YOU call for means an immediate $1.5 trillion cut in spending. Yet you retarded cunts are saying the Tea Party wants to throw grandma under the bus? Get your fucking head out of your fucking ass
so much misery and war in the nuclear age... the globalists arent gunna suprised tho... QE3 love on its way
.
http://www.youtube.com/watch?v=WhwbxEfy7fg
Paying off debt or interest on debt with more debt leads to debt enslavement, no real growth, high inflation and eventual default.
Paying off debt with income leads to sustained growth and prosperity.
Requirement to hold public office: adhere to these 2 principles.
http://mises.org/daily/5463/A-Short-History-of-US-Credit-Defaults
""The enactment of the 16th Amendment to the Constitution in 1913 allowing the government to impose a tax on your income, thereby opening Pandora’s Box to a 60,000 page tax code and allowing politicians to sell their votes to the highest bidder.""
WRONG! The 16th amendment closed the Pollock Loophole from the 1895 case. The 16th amendment "conferred no new powers of taxation"
See: Note 17 http://openjurist.org/240/us/103/john-stanton-v-baltic-mining-company
See: Note 11 http://openjurist.org/240/us/1/frank-brushaber-v-union-pacific-railroad-...
In a nutshell the 16th allows the government to tax income from its own sources (even if its direct) via the income tax. So how do you and I get fucked? Well you use federal reserve notes as your "money" right? When you endorse your paycheck...what are you endorsing? Your endorsing the emission of FRN's in your name (a gain or profit). The FRS system is a private entity created by congress. Any income generated via its operations is rightly taxable due to its "priviledge" conferred to it by CONgress. There is a remedy..hidden in plain sight. See following links for more study into this critical issue.
Remedy: http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000411----0... (hint "lawful money")
http://www.godlikeproductions.com/forum1/message1304915/pg1
http://savingtosuitorsclub.net/content.php
We should just tax every nation and person at 110%.
That should fix it.
Capitalism is a game of Monopoly. When the other guy owns all the property and you just own the electric company, it's a good idea just to quit and say....you want to play again? This time....I want to be the banker.
Socialism is a game of monopoly where the other guy owns everything and you own nothing. When you try to quit, they send you to prison or put a bullet in your head.
The issue of taxation is very straightforward. Since 1980s, the whole of tax burden has been shifting towards low income earners especially at the local and state levels. The decision to raise Federal taxes has been already made--it''ll be called broadening of the base, since they are more of you than the super wealthy. That's the argument that is going to be made and you'll willingly accept it.
If you don't want the rich to pay taxes, that's ok, you will.
Nearly 50% of workers pay no federal income taxes. Many of them get refunds through the child tax credit and earned income credit even though they pay no taxes.
Cut spending back to Clinton-era levels adjusted for inflation. Repeal the Bush tax cuts. There's your balanced budget.
So...
When are ya going to take the drugs away from the kiddies before they hurt themselves...???
Kurwa Macz! Some truth and some misinformation.
ACA was modeled on a previous Republican plan and delivers 30-40 million new customers to the same failed health care corporations that drove up costs in the first place.
Recent analysis of the deficits indicate that an est. $3 trillion are due to previous programs enacted by Bush and a Republican Congress or Bush and a Democrat Congress. Total of Obama's initiatives to the budget deficit? est. $1.4 trillion.
Most deficit spending occurred under Republican Presidents since 1980. Most deficit spending generated today are from a previous Republican Administration. President Obama knowingly has pursued moderate Conservative policies and continued Pres. Bush's programs, or expanded them.
Social Security was expected to run a deficit of $1 trillion in 2036. From 2008 until present, The Federal Reserve loaned domestic and foreign banks $16 trillion. Do you see the contradiction?
Deficit spending, is necessary, and can be wound down. America can pay her debts. The richest, who experienced a 238% increase in wealth over the last decade or more, do not wish to pay for that privilege. The rest experienced an 12% growth over the last decade in income, not enough to beat inflation, thereby losing.
Warren Buffett put it best in 2008: “There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”
He was not declaring war. He was warning America. And the Democrat and Republican and Tea Party supporters ignored him; content to be led around by the nose by their corporate-paid politicians. So, he hedged his bets to the winning side. We also had a warning from Pres. Eisenhower, who almost fifty years ago, warned America of the dangers of the Military-Industrial-Complex. Pres. Eisenhower's only fault was to forget one part. He should have said, The Industrial-Military-Financial Complex, The IMF Complex.
Even then, people ignored Pres. Eisenhower. Just as they ignored Warren Buffett three years ago.
The problem began even earlier, when the first banks began to extend credit that wasn't backed by gold. They had to in any event as the demand for more gold kept increasing due to the need to fund exploration and exploitation of resources in various parts of the world. At the same time, more people wanted to become richer, which meant more credit was needed no matter how much gold was available.
That is why even with some "gold standard" we only end up with less than one troy oz. per person worldwide, and even the gold and precious metals available worldwide will likely not be enough to back up credit needed by present and growing middle classes. Thus, the capitalist system that Mises and others advocated had to be backed by fiat currency and beyond that (the largest component of money supply worldwide today comes in the form of unregulated derivatives), thus making it unsustainable.
Beyond that is the growing concern over resource availability. Ultimately, money is not a problem as we can create much of it easily. It's the energy needed to support a middle class lifestyle that won't be enough.
It was not so much cheap credit but a very large ratio of credit to the base.
Central banks first started to target interest rates rather then the base to “tackle inflation” in the late 60s - this period led to a long slow run down of capital resourses to feed interest income.
Beginning in the early 80s under Volckers Fed he instigated a policey of hyper inflating credit to feed very high interest income on treasuries and thus defend the dollar in the short to medium term.
The long slow fall in interest rates since then reflect a destruction of capital resourses to feed this monster as people with capital aggregated a higher & higher amount of capital but with less & less return on a % basis.
Its been a 40 year old car crash.
The redirection of interest income back to their respective treasuries in the Anglo-saxon world is a form of recaptilisation but perhaps too late.
The ECB perhaps feel that their is more wealth to pick so they want to re wild the periphery much like Volcker destroyed American industry.
Its all very sad really.
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