Oh just let these countries default so we can actually hit rock bottom and move on from there…
The Europeans have just agreed to another bailout for Greece. That’s the bad news.
The good news is…well, there is no good news. Sarkozy, Merkel, and the other statists have once again failed to do the right thing and instead have decided to throw good money after bad and dig the debt hole even deeper.
But there is worse news. The IMF is financing part of the bailout and American taxpayers are “shareholders” in the IMF.
In other words, I’m helping to reward bad behavior and misallocate global capital. This doesn’t make me very happy – especially since the White House supports this misguided approach.
But this is business-as-usual for the IMF, and here’s a first-hand example.
I’m in El Salvador where I just finished two days of speeches, meetings, and interviews to discuss how the country should deal with its fiscal imbalance.
My message is simple. El…
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