April 27, 2012
The ECB is not supposed to lend to governments, only to banks. Good! So banks get cheap loans from the ECB and they in turn lend it to the governments – the people – at loan-shark rates. Good trick. But where does the ECB get the money to lend to the banks? Does the cartel print it at the Federal Reserve and credit-swap it with the ECB? Nice one. Now let’s play some violin.
This article was posted: Friday, April 27, 2012 at 3:23 am