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World banks turn self-destructive

IMF, along with a number of major national banks, has agreed to join in a trillion-dollar package to defend the overpriced euro against speculators.

The Americans who rightly decry their government’s $2 billion-a-year aid to Israel should start questioning their administration over the hundredfold greater aid given to the EU. A financial meltdown in the euro zone would have greatly improved the US economy as international transactions moved from the euro back to dollars. The very existence of the euro undercuts America’s most profitable exportóbank notes.

Yet the US administration decided to support foreign governments contrary to America’s national interest.

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