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| Ju-87D Stuka Dive-Bomber |
Which is to say, he proposes that the Federal Reserve buy up toxic European bonds in a veritable Blitzkrieg,
here:
The Fed could buy €2 trillion of EMU debt or more [!], intervening with crushing [!] power. The credible threat [!] of such action by the world’s paramount monetary force [!] might [!] alone bring Italian and Spanish yields back down below 5pc, before one bent nickel is even spent.
One presumes that the Fed would purchase both the triple AAA core and Club Med in a symmetric blast [!] of monetary stimulus [!] across the board, avoiding the (fiscal) error of targeting [!] semi-solvent states. In sense, the Fed would do quantitative easing for the Europeans, whether they liked it [!] or not [!].
An astute commenter named silqworm got this correct: "What you call necessary to prevent fascism is fascism."
