Loan Ranger

"I got the Holy Spirit. You should get on it. It's a good train."
--Lyle (The Italian Job)

The IMF is said to be preparing a $800 billion loan for Italy in case its debt crisis worsens. The amusing quote here is "[Italy Prime Minister Monti] could draw on the money if his planned austerity measures fail to stop speculation on Italian debt..."

It's only speculation, of course, when price is going in the 'wrong' direction.

We should note that the US is the largest contributor to the IMF. So, once again, we appear to be stepping over the Constitution to fund the problems of other countries on the backs US taxpayers.