Oh no, a wolf pack with slide rules

I tried to edit this graphic to remove the "socialists" reference, but couldn't. Obviously, it's mixing socialist economic suffocation with socialist promising everything to everybody that made all these countries (including ours) broke. The point of the graphic is that a lot of countries are in trouble, and the US is certainly not far from the worst of them.

'May 9 (Bloomberg) -- European Union finance ministers pledged to stop a sovereign debt crisis from shattering confidence in the euro as they held an emergency summit to hammer out a lending mechanism for deficit-stricken nations.

Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, leaders of the 16 euro nations agreed on the backstop yesterday and told ministers to get it ready before Asian markets open.

“We are going to defend the euro,” Spanish Economy Minister Elena Salgadotold reporters as she arrived to chair today’s Brussels meeting. “We think we have a duty for more stability for our currency. We will do whatever is necessary.”

Europe’s failure to contain Greece’s fiscal crisis triggered a 4.3 percent drop in the euro last week, the biggest weekly decline since the aftermath of Lehman Brothers Holdings Inc.’s collapse. It prompted the U.S. and Asia to urge broader steps to prevent a debt crisis from pitching the world back into a recession…

‘Wolfpack Behavior’

“In the night, when the markets are opening, we cannot afford a disappointment,” said Finance Minister Anders Borg of Sweden, one of 11 EU nations not in the euro. “We now see herd behavior in the markets that are really pack behavior, wolfpack behavior.” '

Full article

The Europeans crack me up with this wolf pack business, and all these pretensions and protestations that people are evil for noticing that it is physically impossible for them to pay their bills. They keep crying and whining about "bond market vigilantes" and dangerous "attacks" on the bond market. Let's be crystal clear about what they are saying. They want you to know that all of the actions they have taken in recent years to get themselves into this mess are in no way their fault. the leaders are not to blame. It's the people who loan governments money; they're evil.

Who are these bond vigilantes and why are they so evil? Well, they're private individuals with money to invest, pension fund managers, bank managers, hedge fund managers, government worker bees, etc. Their "vigilante" behavior is that they have recently said, "Hey, wait a minute. If I lend at all, it should be for a super premium interest rate to make it a tiny bit worthwhile." I know, it's evil, and sick and wrong. They should just lend the money for no interest out of the goodness of their hearts (which in the case of bank, pension, hedge fund, and government money managers would be a criminal offense) and forget about getting paid back.

So, once again, never forget that those leaders are not responsible for the huge mess they have made. That part is key. There would be no problem if people would just overlook what they've done.

Another key point in this article is that they are currently "fixing" the problem. This is the six time. After the last "fix" everything went haywire.