After a period of rising sovereign bond yields in some of the weaker EU members like Spain that was approaching 7% for its 10-year, the solution being pressed to solve the crisis of confidence are Euro bonds. What are Euro bonds?
"...Borrowing costs are rising for many of the single currency's 17-members. Italy, Spain, Portugal and Ireland are among those that must pay sky high interest rates on their debts. But what if France and Germany helped out? What if the biggest economies on the continent agreed to issue euro loans on behalf of all countries in the currency club? A euro loan, or bond, could be issued by one country, but would be underwritten by all of them. Germany would pay more for its debts and Greece would pay less..." (Source)
It's hoped that by providing this lower cost source of funds backed by all of the EU it will ease fears surrounding the unknown risks of a Eurozone break-up that's been causing a run on banks in country's like Greece.
Question: Would Germany ever sign on to taking responsibility for funding growth over austerity for the PIIGS when it was the wild spending of the PIIGS thanks to lower available borrowing costs that helped to bring this crisis on in the first place?
And if Angela Merkel refuses to go along, in part for political and in part for pragmatic reasons, what would happen next to the economies across Europe and by extension the economy of Germany?
Prediction: More rhetoric and promises from the PIIGS that allows Merkel to save face and agree to the Euro bond. Would this solve the Eurozone financial crisis or just prolong it? Stay tuned!
In other words, "damned if you do and damned if you don't" also know as "stuck between a rock and a hard place!"
Now on to the Watcher's Council voting results!
The Watcher's Council nominations for the week of May 21st were presented, the votes were cast and counted, and the winner will now been announced!
For those who may be enjoying their first Watcher's Council experience, it is a group that consists of some of the top conservative bloggers from around the world.
A group that The Political Commentator is extremely proud to have been asked to be part of!
Each week members select and submit an article of their own creation in addition to one article from a non-council blog they find to be particularly topical and important.
While you may not always agree with what you read, that alone may make the experience that much more valuable!
Once the submissions have been received at an undisclosed location in secret ballot form, the Watcher's Council members then individually vote for their favorites.
Those votes are protected and held by outside auditing firm Arthur Andersen until such time as they are counted and a winner named for the Grand Prize.
This Grand Prize consists of the appreciation of ones peers.
In the end though, we all win because of the range of information and important analysis received on the critical issues of the day.
In a nutshell, the Watcher's Council is the ultimate conservative blog aggregator!
*First place with 3 2/3 votes! Joshuapundit – What Does Peace Mean Anyway?
Second place with 2 2/3 votes – The Razor- Geert Wilders: A 21st Century Canary in a Coal Mine
Third place with 1 2/3 votes – The Right Planet-Marx Is For Hippies
Fourth place with 1 vote – Gay Patriot-Is there anything Barack Obama doesn’’t politicize?
Fifth place *t* with 2/3 vote – The Noisy Room- The Fiction of Barack Obama
Fifth place *t* with 2/3 vote – Simply Jews- Tombstone and Mexican spotted owl
Fifth place *t* with 2/3 vote – Bookworm Room- Is Regents of the University of California v. Bakke, a 1978 case rejecting academic racial quotas, the smoking gun behind Obama’s Kenyan identity? *UPDATED*
Fifth place *t* with 2/3 vote – The Colossus of Rhodey –Still More Narrative Fail
Fifth place *t* with 2/3 vote – The Mellow Jihadi –The Biggest Loser, Navy-style
Fifth place *t* with 2/3 vote – Rhymes With Right – Professional Malpractice By North Carolina Social Studies Teacher
Fifth place *t* with 2/3 vote – The Glittering Eye – The Enforcement Deficit
Sixth place *t* with 1/3 vote – The Political Commentator –It’s 8:00 AM, do you know where your tax money is going?
First place with 4 2/3 votes! – The Other McCain- Brett Kimberlin Saga Takes a Bizarre Turn, Forcing Me to Leave Maryland submitted by Rhymes With Right
Second place *t* with 2 votes – Mark Steyn –Eternally shifting sands of Obama’s biography submitted by The Noisy Room
Second place *t* with 2 votes – Andrew McCarthy – Western Sharia submitted by Joshuapundit
Third place with 1 vote -Melanie Phillips The BBC Is Using Taxpayer’s Money To Spread An Ancient Racial Libel submitted by The Razor
Fourth place with 2/3 vote Israel Hayom -A Worthless Piece Of Paper submitted by The Political Commentator
Fourth place *t* with 2/3 vote -PJ Media/Roger Kimball Who Is Barack Obama? The Question that Won’’t Go Away submitted by The Right Planet
Fourth place *t* with 2/3 vote - The Texas Scribbler – Lynching A Black Man submitted by Simply Jews
Fifth place *t* with 2/3 vote -Paul Miller/Shadow Government –Obama’s legacy on Afghanistan submitted by The Glittering Eye
Fifth place *t* with 2/3 vote -Center for Defense Studies –Rushing for the Exits: The Wrong Lesson of Afghanistan submitted by GrEaT sAtAn”S gIrLfRiEnD
Sixth place *t* with 1/3 vote -FrontPage –Chicago Braces for Leftist Violence and Mayhem submitted by The Independent Sentinel
Sixth place *t* with 1/3 vote -Publius Forum–VIDEO: Violent Union Thugs Using Ball Bat on Effigy of SC Gov. Nikki Haley! submitted by VA Right!
Sixth place *t* with 1/3 vote -Gatestone Institute –Apartheid: The Big Lie submitted by The Watcher
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