The result of yesterday's mini-summit in Brussels hits on many levels:European Union leaders, led by German Chancellor Angela Merkel, rejected a call by Hungary for a sweeping bailout of Eastern Europe, as the bloc struggled to find consensus on an approach to the spiraling financial crisis at a summit Sunday.Now, there are many valid reasons on both sides of the issue which led to the rejection of this request of some EU members by other EU members. However, the part that galls:
But both the bailout and calls for Eastern European countries to join the euro sooner were coolly received by Western European nations. Ms. Merkel and French President Nicolas Sarkozy both separately suggested that Eastern countries should look elsewhere -- to the International Monetary Fund, for instance -- for help.The World Bank is also mentioned as a source for possible bailout funds for the EU's very own Eastern European member states. Of course, the largest provider of funding to international financial institutions such as the IMF and the World Bank would be .... the United States. So, the denizens of solidarity, the champions of One Europe and the absolute true believers in an inescapable march to an ever closer union will turn not to Brussels but to Washington if/when a bailout of their very own member states is required.
The dog whistle to alert the US taxpayer that a US bailout of EU member states is coming will be sounded this week when UK PM Gordon Brown visits Washington attempt to drum up US support for a "Global New Deal". If one hears the phrase "strengthening global financial institutions" coming out of the PM's mouth, the US taxpayer should take that as a cue to instinctively reach for their wallet (or what is left of it).
There is one bit of good luck on the side of the US taxpayer in this developing story. The EU has unfortunately chosen one of their most hapless emissaries to
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