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Nations John Bolton is on the phone from London ambassador good morning to you your reaction -- to the Fed printing up -- still home to help those Europeans.
Well you know it doesn't do anything to address the fundamental problem that the Europeans are facing and not just with the catastrophes that it's common currency the Euro is experience -- But but the underlying problem.
Which for Tracy -- I -- -- -- which is a lack of economic growth you know they announced this morning that the unemployment rate in the EU is ten point 3% the highest.
Since the Euro came into play yesterday finance ministers.
Again failed to do what they had hoped to do for the financial stability mechanism that they created.
And this additional liquidity while it certainly won't be.
Helpful to to the value of the dollar as we've seen in the market.
Also isn't going to do anything really to change the situation in Europe economically or politically.
Do you think that -- and did it -- thing is now likely.
That the Euro crisis -- it -- -- that is no longer Europe's currency -- and hundreds of its initial period of time.
Yeah it reasonably short period of time I think they're moving toward.
Quarter solutions of one kind for another it's not gonna muddle through the way it is either.
A significant number of countries are gonna have to be kicked out the of the Euro -- get their own currency back war.
The other corner which chancellor Merkel wants.
Is to centralize not just monetary policy in Brussels but centralize fiscal policy is well and that's one reason why.
The Europeans can't get their act together because.
Tried to mitigate the immediate problems cuts against what chancellor Merkel wants to do which is fundamentally moved all that fiscal responsibility for the -- debt.
-- -- -- in international diplomacy and I have to ask you this question because it looks to me and -- Canada's finance minister by the way that the Germans -- That the Germans in fact -- -- Washington.
Forcing America to anti up the dollars.
What it was Germany's job to do that -- of -- place place where.
Well I think that's the consequence of these additional blood dollar swap lines it means more dollars are accessible -- the Europeans won't we don't need euros at this point they need they need almost any currency they can get in greater commodities.
And and this will afford it to them and you know Germany has -- through the Euro all along it Germany still had the Deutsche -- with their balance of trade.
Not not just globally but particularly within the eurozone.
-- -- would be through the sale.
But instead they get the benefit of the Euro and they're destroying the manufacturing.
Bases of many of the other European countries so.
From from the German point of view the Euro has been a great success I understand -- chancellor Merkel wants to keep -- -- basically winning and that's the way this ambassador John -- joining us this morning from London a pleasure thanks so much appreciate it sure by the way we just got the all.
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