USA Bailing Out Bankrupt Europe

If you’ve read Ayn Rand’s prophetic Atlas Shrugged, you probably saw this coming. American taxpayers are being asked to bail out socialist Europe:

The United States would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the International Monetary Fund, a U.S. official told Reuters on Wednesday.

“There are a lot of people talking about that. I think the European Commission has talked about that,” said the U.S. official, commenting on enlarging the 750 billion euro ($980 billion) EU/IMF European stability fund. “It is up to the Europeans. We will certainly support using the IMF in these circumstances.” …

The developments have echoes of the pressure applied by Washington on European capitals last May to create the near $1 trillion EFSF safety net that was last week used to rescue Ireland after its banking crisis spiraled out of control.

The IMF, whose biggest single shareholder is the United States, has committed 250 billion euros to the EFSF. …

U.S. Treasurys’ prices fell and the euro strengthened against the dollar on Wednesday after the news that the United States would be prepared to support an enlarged EFSF.

Being more progressive, Europe has “progressed” further into statism, which is why it will collapse before we do — thus we will have to expend ever increasing resources in a futile effort to keep its dysfunctional mommy states afloat, accelerating our own race toward ruin. Only a decisive and immediate rejection of liberalism and a return to free market principles can save either Europe or the USA.

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On a tip from J. Cross-posted at Moonbattery.

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