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Posted on 01/11/2012 5:55:17 PM PST by dynachrome
Thursday’s meeting of the governing body of the European Central Bank (ECB) will happen as calls for the central bank to take further action to solve the euro zone debt crisis by acting as lender of last resort for troubled countries increase.
The committee is expected to keep interest rates on hold at the historic low of 1 percent, and hold back on further action, despite growing calls for the bank to resort to quantitative easing – buying government bonds in primary markets, like the Bank of England and the Federal Reserve.
“(Mario) Draghi (the head of the ECB) can’t sit there and be idle at a time when we’re getting very, very bad news for the euro zone,” Carl Weinberg, Chief Economist, High Frequency Economics, told CNBC. “The economy could use an interest rate cut.”
He added that he believes Draghi is “not quite ready” for quantitative easing yet, but that February could herald such an operation.
(Excerpt) Read more at cnbc.com ...
My Father gave me an old stamp album which is worthless but still interesting. Among the stamps is a German one for 100,000 marks.
That sounds like an expensive letter but just shows how ridiculous inflation can get.
I have a million mark note from 1923. Printed on one side only to save cost.
I too have some old German currency from about that time. I think the highest denomination I have is something like a thousand marks.
Probably had not gotten to the extreme by that time as the notes are beautifully engraved and have watermarks which are still easy to see when held up to the light.
U.S. May Add to IMF Resources, Handelsblatt Says
BOHICA.
That sounds like an expensive letter but just shows how ridiculous inflation can get.
As a kid I had a stamp collection that included some Hitler portrait stamps. They were all overprinted with higher denominations as the mark failed. I wish I had them now. They might be worth something to collectors.
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