True Finns to reject European bailout? – scrubbed by WSJ
The Wall Street Journal has scrubbed/edited a great op-ed that had appeared from Timo Soini of the True Finns party of Finland detailing his party’s opposition the European bailouts.
This is the link – same as I originally posted – but it has been altered a bit from the original version.
Here is the link to Zero Hedge, where they have the old version compared to the new one. I remember reading “follow the money”, which no longer appears in the text. Good catch by the Zero Hedge contributors!
“At the risk of being accused of populism, we’ll begin with the obvious: It is not the little guy that benefits. He is being milked and lied to in order to keep the insolvent system running. He is paid less and taxed more to provide the money needed to keep this Ponzi scheme going. Meanwhile, a kind of deadly symbiosis has developed between politicians and banks: Our political leaders borrow ever more money to pay off the banks, which return the favor by lending ever-more money back to our governments, keeping the scheme afloat.”
I am long EUO (which is 2x short the Euro), so I am betting with my heart a bit there as the bailout mania that is sweeping the world deeply disturbs me.
“Insolvent banks and financial institutions must be shut down, purging insolvency from the system. We must restore the market principle of freedom to fail…
For sovereign debt, the freedom to fail is again key. Significant restructuring is needed for genuine recovery. Yes, markets will punish defaulting states, but they are also quick to forgive. Current plans are destroying the real economies of Europe through elevated taxes and transfers of wealth from ordinary families to the coffers of insolvent states and banks. A restructuring that left a country’s debt burden at a manageable level and encouraged a return to growth-oriented policies could lead to a swift return to international debt markets.”