Which is exactly my point, the FED would not have gotten into this mess, and the ECB also shouldn't have.
The ECB was out of line not only in regards to common sense but in it's essence in regards to it's mandate.
The FED would not have have messed with the state notes, and it would surely not have threatened to shut down it's banks by saying it would not guarantee their liquidity and cut Cali banks out of the dollar payment system if Cali dares to allow it's private investment banks and bond issuers to declare bankruptcy.
The ECB was out of line not only in regards to common sense but in it's essence in regards to it's mandate.
The FED would not have have messed with the state notes, and it would surely not have threatened to shut down it's banks by saying it would not guarantee their liquidity and cut Cali banks out of the dollar payment system if Cali dares to allow it's private investment banks and bond issuers to declare bankruptcy.