Yglesias

Scary Sentence Of The Day

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CREDIT:

“A leveraged EFSF is attractive to politicians for the same reason that subprime mortgages once appeared attractive to borrowers,” writes Wolfgang Munchau, “leverage can have different economic functions, but in these cases it simply disguises a lack of money.”

I believe the smart concise thing to say about the situation at this point is that they’re trying to have a fiscal authority perform a monetary function.