Summary
For those of us still clinging to the real world, where times are hard, the spectacle of five central banks conjuring "unlimited" billions of dollars for the sake of Europe's financial institutions is liable to be, let's say, disconcerting.
Didn't someone say that there was no money left? Isn't austerity the order of the day across the western hemisphere? What is this "liquidity" primed to flood the system - at below market rates - when British unemployment has just gone up again, and when 46.2 million Americans are living below the poverty line?See the full content of this document
Extract
Point the Eu Profligates Towards the Exit Pronto
You can wonder about that while you ponder the miracle of the printing press and the ability of the US dollar to bend the laws of arithmetic. Allowing for certain nuances, the reasoning goes something like this.
International investors - Americans in particular, ironically enough - have grown wary of lending to European banks. With a...See the full content of this document
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