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Europe- Band Aids And Bubble Gum

The bailout of the Spanish banks is just a insurance policy against the collapse of Greece

By Joel Ross | Updated on June 11, 2012

Spain got a Band Aid, but the bleeding continues and the wound is festering. What Europe bought was time, and some level of insurance in case Greece goes off the deep end on Sunday. The Spanish banks will now not collapse as they probably might have done in the next week or two, but the fundamental problems of Spain and Europe remain. The Euro gave the southern tier and Ireland the ability to raise low cost debt which they then used to carry out a massive social safety net set of policies, which when combined with socialist labor and retirement policies, drove them all into insolvency. Germany is really to blame since they pushed this entire Euro scheme to both have a low cost of goods for their exports, and to mollify the rest of Europe after what they had done to them in World War II. I am old enough to recall in the fifties, the whole emphasis was integration of Germany into the trading block of Europe to assure no future military conquest. There was a lot of talk at the time about the United States of Europe. It all shows how stupid and na

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