Europe Begs China to Help

Yesterday we got some good news that Europe had $1 trillion bucks to bail out their mess....and the U.S. stock market went up about 400 points on the euphoria of the news.  Today we find out that the $1 trillion doesn't exist anywhere and now Europe is begging China to help them out of this embarrassing revelation.

Europe is holding out the begging bowl to China in an effort to keep the rescue package for the single currency alive.

In a clear sign of how the balance of world power has tipped towards the East, EU leaders hope China can be persuaded to hand over huge sums to help bail out the eurozone.

In a further embarrassment, it emerged that the one trillion euro bailout fund announced in the early hours of yesterday does not really exist.

The pot contains only a quarter of that amount, and the rest of the money likely to be ‘leveraged’ – using the existing 250billon euros as security to borrow the rest.

Markets initially reacted with relief after all-night talks on the debt crisis engulfing the eurozone ended with agreement on a three-part package of measures after weeks of bickering.

Read more: http://www.dailymail.co.uk/news/article-2054405/EU-summit-deal-Desperate-Euro-chiefs-look-East-fund-huge-bailout-gamble.html#ixzz1c76wDOlr

What!?!?  They don't have the money??  How can that be??  I, for one, am shocked!  What did they think they were going to do...simply print the trillion out of thin air like the U.S. Federal Reserve did?  Oh...wait....that's exactly what we did.