US CENTRAL BANK AND GERMAN CENTRAL BANK ALONG WITH THE EUROPEAN CENTRAL BANK PLEDGE UNLIMITED TAXPAYER MONEY WILL BE DONATED TO THE WESTERN MEMBER BANKS:
BUT THE BANKS ARE STILL BANKRUPT. THEY'RE SITTING ON A MOUNTAIN OF GARBAGE PAPER AND THE REGULATORS HAVE NOT FORCED THEM TO WRITE IT DOWN. THEIR LIABILITIES ECLIPSE THEIR ASSETS.
SO THEY'RE TOO BIG TO FAIL AND TOO DEAD TO BE RESUSCITATED.
THE BEST WE CAN DO IS KEEP THEM ALIVE WITH CONSTANT TRANSFUSIONS OF YOUR TAX MONEY.
MEANWHILE: STOCK MARKET FUTURES RALLY. GOLD BACKS OFF. AS YOUR TAX MONEY GOES TO MAKE SURE BANKERS DON'T MISS THIS YEAR'S BONUS.
Merkel’s Cabinet Approves Larger Euro-Rescue Fund as Dissent Ebbs
By Brian Parkin and Rainer Buergin - Aug 31, 2011 6:38 AM ET
German Chancellor Angela Merkel’s Cabinet ratified expanded measures to combat the euro-area debt crisis as she quells a rebellion among coalition lawmakers that threatened to derail the package.
Senior members of Merkel’s Christian Democrats including finance and economy spokesman, Michael Meister, and floor leader Volker Kauder said this week they are now confident of securing a coalition majority for the proposed changes to the European rescue fund. Merkel yesterday pledged to consult lawmakers as much as they felt necessary to dispel lingering doubts.
Fed Officials Weighed Steps to Boost GrowthBy Jeannine Aversa and Scott Lanman - Aug 31, 2011 4:37 AM ET
Federal Reserve policy makers debated ways to invigorate the recovery and hiring this month, potentially laying the groundwork for action at their next gathering in late September.
Minutes of their closed-door meeting released yesterday in Washington showed that a few members of the Federal Open Market Committee favored a “more substantial move” at the Aug. 9 meeting beyond the pledge adopted by the panel to hold rates at record lows for the next two years.