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Tuesday, November 1, 2011

The Greek referendum in a Post-TARP World

There may come a point when historians talk about times before and after TARP. That policy by Bush and co. was the equivalent of ancient Rome's Sulla, who upset the longstanding balance between the society's estates or classes with in-your-face policies that promoted one group over another. Recall that bailout did not make it past the House of Representatives when it was first voted upon, sending Wall Street into a tizzy.

Now the Greek PM has set the stage for round two of this great drama. Wall Street tumbled again today at the prospect that 'the people' (of Greece) will vote down the latest TARP plan (for Europe this time). They are right to fear for the European voters have always voted against Europe, the EU, and its plans.

A referendum is worrisome to world elites for it leaves no room for maneuver. The banking crisis of Europe cannot be dragged out as it has been this far. It is a showdown at the OK corral, which is a relatively unfamiliar scene today.

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