Germany Slams ‘Stupid’ US Plans To Boost EU Rescue Fund !

• This is just more political theatre. The Illuminist plan is to collapse the Eurozone and then the rest of the world ! A great deal more volatility is coming. The financial tsunami waves will get larger and larger until the entire system collapses! Gold and silver are pretty cheap now. They are your insurance against world financial and monetary system collapse. There will be violent volatile moves going forward in prices. But gold should hit US$3,500/oz and silver US$150/oz within a year!
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  Germany slams ‘stupid’ US plans to boost EU rescue fund
  By Ambrose Evans-Pritchard, http://www.telegraph.co.uk/
  Germany and America were on a collision course on Tuesday night over the handling of Europe’s debt crisis after Berlin savaged plans to boost the EU rescue fund as a “stupid idea” and told the White House to sort out its own mess before giving gratuitous advice to others.
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  German finance minister Wolfgang Schauble said it would be a folly to boost the EU’s bail-out machinery (EFSF) beyond its €440bn lending limit by deploying leverage to up to €2 trillion, perhaps by raising funds from the European Central Bank.
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  “I don’t understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense,” he said.
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  Mr Schauble told Washington to mind its own businesss after President Barack Obama rebuked EU leaders for failing to recapitalise banks and allowing the debt crisis to escalate to the point where it is “scaring the world”.
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  “It’s always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government,” he said.
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  The comments risk irritating the White House. US Treasury Secretary Tim Geithner has been a key driver of plans to give the EFSF enough firepower to shore up Italy and Spain, fearing a drift into “cascading default, bank runs and catastrophic risk” without dramatic action.
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  …. for the complete article click here!

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