Bailout Fatigue? How about bailing out French Banks that loaned to the Greeks?

Well, get ready for the next crash — and for the Federal Reserve to start cranking up the printing presses — or, rather, creating tens and hundreds of billions via their computer keyboard. After all, why print dollars, when you can type? Printing is expensive and time consuming and typing is faster — you can create tens of billions in seconds.

When French banks can’t borrow overnight funds on the open market, because they have contracted Greek contagion, and world-wide, banks are just saying No — where are the French to turn? The Greeks have their cash, and the French can’t get it back.

The Federal Reserve’s latest attempts at “stabilization,” which means, they print money, debase our currency, which in turn forces the global market to convert their US dollars into something that holds its value, oh, say, things like oil, gas, rice, corn — gold, is about to go another round. This time it’s Europe that gets Federal Reserve funds created via keystroke, not Wall Street.

“The One” is on board, and is now saying that the American recovery is dependent on the EuroZone.

You don’t like it? Tough. The Federal Reserve can do what ever the heck it wants, to paraphrase Sarah Palin.

Now that the Greeks have handed over wholesale fiction masquerading as financial reports, or that old oxymoron, the Greek “balance sheet,” to the global financial community, how does bailing out the Greeks have any credibility, whatsoever?

Here is how: the U.S. Treasury Secretary is on a plane to Poland to strong arm more countries to pour money down the Greek black hole.

How many times has the world heard this problem has been solved — by giving the Greeks more money?

I don’t know about you, but that is exactly how my bank works — Dude, I blew all the cash you gave me — can I have some more?

And that’s exactly what they do, these great financial wizards of the global marketplace, just fork over more cash.

That doesn’t work for you? Really? It works just great for the Greeks, and now the French are about to get in on the fun.

The collective political elite choked on their Diet Cokes and Starbuck’s when Gov. Perry called Social Security a Ponzi scheme — you know, where you pay in more money than you get back because someone spent it on something else — well, similarly, the global financial elite are simply aghast that anyone would question their wisdom of giving cash first to the Greeks, and now to others, like the French, who gave money to the Greeks — all because the Greeks can’t pay it back. The U.S. Supreme Court found that Americans have no right to Social Security funds, similarly, those who loaned the Greeks cash, have no guarantee of being paid back — regardless of what Secretary of Treasury says to those gathered in Poland.

What is at stake is the credibility of everyone involved in bailing out the Greeks, and now bailing out those (fill in the blank ________) who loaned the Greeks money.

In fact, the financial elite is just like the Greeks, they will say anything to get their hands on more freshly created U.S. currency, and because they all know each other, and hey, it’s all in the family.

The average American loses by having to use more devalued dollars to buy less, but who cares?

The real question is, do they know what is at stake? Their credibility, first and foremost. Second, when TIME magazine publishes a piece titled, “It’s Time to Admit the Euro Failed,” the global elite may end up critically injuring the Euro because they refuse to stop bailing out the Greeks. (It’s a bailout because the Greeks can’t and won’t pay it back.)

I’ll say it. The failed stimulus, ObamaCare’s impact on the economy, and the fact that nothing has improved in the job market — including the continuing failure of the Greek bailout — has all conspired to raise great skepticism among the public about the global financial elite. Especially when it comes to printing money and handing it over to foreigners.

This is the part where the Federal Reserve is truly facing that moment, you know, do you cut the blue wire or the red wire to defuse the bomb — or set it off?

If the Federal Reserve has any regard for its future or its current mission, then they will run from bailing out French banks too overloaded with Greek debt to get overnight funds from the open market, or any other process by which freshly created U.S. funds are handed over to the French who made loans to the Greeks. The same goes for the Irish, Italians, Spanish and Germans.

The problem is that the Federal Reserve can’t help themselves, they really think they are saving the world. They don’t understand that the Greeks can’t be saved with more money. It is not possible. They have borrowed too much — and as the recently discovered fictional balance sheets show, those who said so from the beginning were correct all along.

As one wag has observed:

When your Debt/GDP is running at 152%, and likely to hit 160-170% next year, there really is little hope in paying back that debt. With Greek bonds trading around 40 cents on the dollar, the markets attribute little hope in receiving their money back either.

But didn’t the propeller-heads all say, we must bailout the Greeks, don’t you know what is at stake?

The bailout-fellow-travellers are about to be in a world of political hurt.

What the Federal Reserve is doing is blowing up the foundation of the political consensus around what the Federal Reserve should do — and they are doing it by bailing out foreigners.

Once the public finds out, the really serious discussion will follow, and it goes something like this: everyone was having fun until Daddy took the T-Bird away.