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News Link • Bailouts

IMF's Bancor Last Man Standing?

• dailybell.com

EU says survival at risk as Irish bailout looms ... The European Union issued a stark assessment of the Irish debt crisis Tuesday, warning that the future of the 27-nation bloc was at risk as ministers headed for talks on an increasingly probable rescue. With pressure threatening Portugal but Spain insisting it is safe from contagion, Ireland signalled it might accept help and an Irish newspaper said this would focus on a rescue for its stricken banks. Irish Finance Minister Brian Lenihan is prepared to accept targeted EU support to prop up lenders, the Irish Independent newspaper reported amid pressure from the European Central Bank and certain political partners. "We have to discuss these matters with partners as to how best we can underpin financial and banking stability within the euro area," Irish Prime Minister Brian Cowen added. "There are monetary policy situations arising now because of the turbulence on markets." – Sidney Morning Herald

Dominant Social Theme: The world is entering a dangerous new phase. Competitive devaluations continue despite all efforts to organize a ceasefire. The only hope now is a one-world currency run by the IMF. Enter that Keynesian brainstorm ... the bancor.

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