Surprise Surprise- George Soros Wants the ECB to Step In to Save the Eurozone

Color me a shade of unsurprised blue.  Financial oligarch and big government buddy George Soros is out with another plan to save the EU.  Rather than rely on the forced but subtle nationalization of the banks by euro governments, Soros goes right for the money printer.  Via Financial Times:

Since the Soros plan would take some time to prepare, in the interim the ECB is left to deal with a rapidly deteriorating situation on its own. On Monday the Bundesbank’s president questioned the right of the ECB to act as a lender of last resort. On Tuesday contagion spread to the rest of the eurozone. The financial markets are testing the ECB and want to find out what it is allowed to do.
It is imperative that the ECB should not fail that test. The central bank must stop the bond run at all costs because it is endangering the stability of the single currency. The best way to do it in the near term is to impose a ceiling on the yield of sovereign bonds issued by governments that follow responsible fiscal policies and are not subject to adjustment programmes. The ceiling could be initially fixed, at say 5 per cent, and lowered gradually as conditions permit. By standing ready to buy unlimited amounts the ECB would effectively turn the interest rate ceiling into a floor from which bond prices would gradually rise without the ECB actually having to buy unlimited amounts.

So as the bond vigilantes become increasing wary of euro politicians to, well, stop being politicians, the European Central Bank must continually enter into the market to suppress bond yields.  This is already occurring of course but just not at the rate or size Soros wants to see.  I tackled the so-called "Soros plan" over at the American Thinker a few weeks back:

So let's sum it up: if the undercapitalized banks want to be shored up by corrupt politicians giving away taxpayer money, then they become wards of the state.  If they take the deal and refuse to play along, then they really become wards of the state.  That way the banks are recapitalized to fund the paying down of the debt of Euro governments in order to shore up the banks so the banks fund the paying down of the debt of Euro governments to shore up the banks...oh, and the ECB inflates to help the process (merry-go-round) along.  This can all start after Greece goes into a controlled default, where bondholders are protected against massive losses, of course.

Soros falls back on what all central bank apologists inevitably resort to in times of fiscal emergencies: more money printing.  The Cantillion effects of new money entering the economy and altering relative prices compared to others while distorting the structure of production goes unacknowledged as it so often does by Soros and his peers.  Expect more calls for intervention as the euro crisis continues.

Meanwhile, David Zervos of Jefferies is calling for the Fed to start printing for Europe.  Someday these guys are gonna realize their stomach is completely empty from all the "free lunches" that don't exist.  And it won't be a pretty sight.