Peningaprentvélarnar á fullt núna

750 milljarðar evra neyðarsjóður til að blása lífi í götótta evruna? Þvílík sturlun. Hvaðan á þessi peningur að koma?

Á einum stað er skrifað:

Germany has caved and the inflationists have prevailed. The moral hazard of the bailout will mean bigger deficits in more euro zone countries.  Eventually even Germany itself will succumb and join the party.  To defend the euro and sterilize their bond purchases the ECB will have to sell dollars. But to whom? The U.S. is certainly not buying.  

If Europe, like America, becomes a net foreign borrower, the industrialized West must expect emerging markets to pick up the tab for both America and Europe!  After all not every nation can ride the debt wagon; someone has to pull the cart.  This will mean that China in particular will have to buy even more foreign exchange to prevent a collapse of both the euro and the dollar. This may push them to the breaking point much sooner than many like to think.

Kínverjar, sem enn sem komið er hafa leyft umheiminum að njóta sparnaðar síns í formi lána til að aðrir geti keypt dót af þeim sjálfum, geta ekki staðið undir partýinu endalaust. Bráðum nenna þeir ekki að styðja við keðjubréfaútgáfu Bandaríkjanna og annarra sem reyna að selja þeim verðlaus skuldabréf og byrja að kaupa dótið sitt sjálfir, eða selja það til einhverra sem eiga pening.

Að lokum nokkur viðvörunarorð frá vestri:

When creditors ultimately decide to curtail loans to America, U.S. interest rates will finally spike, and we will be confronted with even more difficult choices than those now facing Greece. Given the short maturity of our national debt, a jump in short-term rates would either result in default or massive austerity. If we choose neither, and opt to print money instead, the run-a-way inflation that will ensue will produce an even greater austerity than the one our leaders lacked the courage to impose. Those who believe rates will never rise as long as the Fed remains accommodative, or that inflation will not flare up as long as unemployment remains high, are just as foolish as those who assured us that the mortgage market was sound because national real estate prices could never 

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