Socialist Global Central Bank Crime Syndicate QE-4-Ever Inflation Theft
By: Nadeem Walayat
Oct 01, 2012
It is barely four weeks since the European arm of the global central bank crime syndicate (ECB) announced its policy of wanting to print unlimited euro’s to monetize bankrupting PIIGS debts that was welcomed by the markets who’s participants would be lining up to offload PIIGS bonds bought at far higher interest rates (lower prices) onto predominantly German tax payers because it is Germany that backs the Euro as a sound currency rather than the Greek or Spanish versions of the Zimbabwean Dollar.
However the promise made by Super Mario Draghi for unlimited Euro-zone PIIGS bond buying programme “One More Try” (OMT) is already unraveling because the fine print of a list of strings attached does not match the promises made and because of the fundamental fact that just like all of the previous bailouts, all it would do at its very best was to buy a little more time for the Euro-zone by kicking the can into the middle of 2013, because it does near nothing to address the problem at the core of the Euro-zone which are the persistently very high and expanding deficits as a percentage of GDP right across the euro-zone that ensures bankruptcy as a consequence of inability to cover government spending let alone service debt interest repayments.