Not madness -- no.  Folly, plain and simple. Ambrose Evans-Pritchard speculates in the Sunday edition of London's The Telegraph about the U.S. Federal Reserve riding to Europe's rescue. Europe is facing a breathtaking debt disaster, and Evans-Pritchard floats the idea that Ben Bernanke and the gang at Fed have what it takes save Europe from itself. Curiously, it wasn't but an eye-blink ago that pundits were writing about the imperative for Germany to man-up and rescue it's financially distressed neighbors (southern European countries, mainly) from a debt implosion. Given that the Germans aren't too hep on the idea of bailing out their profligate compatriots -- and may well be incapable of doing so -- attention is turning to the U.S. as the white hat. But, pray tell, given America's huge debt ($15 trillion and climbing), where does Evans-Prichard think that the U.S. would get the money to rescue Europe? Ah, by printing more greenbacks in an attempt to inflate away European debt?...(Read Full Post)