EU's Poorest Member Country Smacks Down Euro As Bulgaria Refuses To Join Eurozone

Because the poor are not stupid, and can understand the concept of being "taken for a ride", they have protectively said NO THANKS to any further offer of running with the other "flea ridden big dogs" of the European Union, who themselves have nothing to offer, other than the cost of the "dip" in an attempt to control the outbreak of infestation that has occurred upon them all, from laying in the use of the same bedding.

On this day (Labor day) a small spark of hope seems to have fanned back into the brightness of life, from the seen fact of truth, that the realm of common sense has not died, and that Governments do, actually do what's best for their own people

Good for you Bulgaria, "The People" of the world, are proud of you, and recognise your stunning example for what it is, the unadulterated common sense of "not infesting your own house, with the fleas, from someone else's dog"

If one needs a shining example of why the days of Europe's artificial currency are numbered, look no further than the EU's poorest country which moments ago said "Ne Mersi" to the Eurozone and the European currency. From the WSJ: "Bulgaria, the European Union's poorest member state and a rare fiscal bright spot for the bloc, has indefinitely frozen long-held plans to adopt the single currency, marking the latest fiscally prudent country to cool its enthusiasm for the embattled currency. Speaking in interviews in Sofia, Prime Minister Boyko Borisov and Finance Minister Simeon Djankov said that the decision to shelve plans to join the currency area, a longtime strategic aim of successive governments in the former communist state, came in response to deteriorating economic conditions and rising uncertainty over the prospects of the bloc, alongside a decisive shift of public opinion in Bulgaria, which is entering its third year of an austerity program. "The momentum has shifted in our thinking and among the public…Right now, I don't see any benefits of entering the euro zone, only costs," Mr. Djankov said. "The public rightly wants to know who would we have to bailout when we join? It's too risky for us and it's also not certain what the rules are and what are they likely to be in one year or two."

Germany 'might have to foot entire euro aid bill'

http://www.telegraph.co.uk/expat/expatnews/7710001/Germany-might-have-to-foot-entire-euro-aid-bill.html

Well not the entire bill Germany, the American taxpayer is making a very large contribution through the IMF, and I heard that that figure just got even larger since England said they refused.
And yes you are apt to be held responsible for the entire European sum, because lets face it, it's not logical to expect any of the piigs to be able to come up with their share, since they are the prevailing reason at this point, for the needed bailout.

Germany's opposition Social Democrats (SPD) said on Tuesday they had not decided whether to support a European rescue package for the euro, and warned the country could end up footing the entire cost of the bill.

The package - 440billion euros in guarantees from euro states plus 60billion euros in a European stabilisation fund - includes some 123billion in loan guarantees from Germany, a German government source said on Tuesday.

SPD parliamentary whip Thomas Oppermann told ARD television there were still too many open questions about the plan, which parliament is due to begin debating next week.

"What happens if other countries who get aid from the package drop out? Will the German share increase then?" he said.

The government has said the German share could rise because not all EU member states would have the means to participate.

"In the worst case scenario, the Germans may have to guarantee the 440billion euros alone, and we won't be able to do that," added Oppermann

"We are Europe's fools again!" Germany's biggest selling daily, Bild, said on its front page on Tuesday.

Meanwhile, hedge funds, banks and speculators could do what they wanted on financial markets, Oppermann said.

"A substantial participation of the banks and hedge funds in the costs of the crisis must be arranged," he said.

"Today we'll probably just see a simple authorisation of credit again

EU finance ministers said the International Monetary Fund was expected to contribute 250billion euros to the package, taking the total to 750billion euros, about £642billion

European debt woes could hurt U.S., Fed says

http://finance.yahoo.com/news/European-debt-woes-could-hurt-rb-618440531.html?x=0&sec=topStories&pos=2&asset=&ccode=

Read that last highlighted paragraph and then remember Freddie Mac, which as a taxpaying citizen of the United States you are responsible for. Where do you think the FED is going to dump that 1.4 trillion worth of crap at?

The Federal Reserve is closely monitoring financial turbulence in Europe as it could have repercussions for the United States and its markets, policymakers at the central bank said on Thursday.


Thomas Hoenig, president of the Kansas City Fed, said the U.S. government should not neglect to address its own indebtedness, which he said could increase pressure on the central bank to keep rates low to "monetize" deficits.

Hoenig and Lacker, considered among the more hawkish members of the Fed, argued that the central bank should strive to "normalize" its balance sheet by selling some of the mortgage-backed debt acquired during the financial crisis.

In response to the most severe financial crisis since the Great Depression, the Fed not only cut interest rates effectively to zero but also purchased over $1.4 trillion in mortgage-backed securities.

"It makes sense...to begin normalizing our balance sheet in advance of raising rates," Lacker told the Virginia International Investors Forum. "Normalizing our balance sheet means reducing its size, (and) also returning to our traditional Treasury-only asset holdings."