Skip to comments.UPDATE 1-German media, lawmakers decry ECB 'blank cheque'
Posted on 09/08/2012 7:52:32 PM PDT by TigerLikesRooster
UPDATE 1-German media, lawmakers decry ECB 'blank cheque'
Fri Sep 7, 2012 7:37am EDT
* Conservative media, some Merkel MPs slam ECB bond-buying plans
* Eurosceptic lawmakers mull fresh legal action
* Merkel allies say ECB acting within mandate
* German public wants to halt bailouts - opinion poll
By Gareth Jones and Stephen Brown
BERLIN, Sept 7 (Reuters) - Germany's conservative press accused the European Central Bank on Friday of writing a "blank cheque" to indebted euro zone states by agreeing to buy their bonds, and some pro-government lawmakers threatened legal action to stop the purchases.
ECB President Mario Draghi unveiled plans on Thursday for potentially unlimited purchases of bonds of up to three years maturity of countries that request a European bailout and fulfil strict policy conditions. The German central bank chief was the sole dissenting voice in the decision.
(Excerpt) Read more at reuters.com ...
Fed, ECB, Goldman Sachs and many others
Some people are figuring this out.... now?
“Germany’s conservative press...”
This is probably the BIGGEST news of the week, and I bet it doesn’t make the front page on the New York Times. Trouble is brewing, and I bet we see a roller coaster market in Europe on Monday.
European Central Bank European Central Bank headquarters
Headquarters Frankfurt am Main, Hesse, Germany
Coordinates 50.1095°N 8.6740°E
Established 1 June 1998
You gotta love it. A mythical BS bank established 1998 is buying insolvent nation’s (Greece etc) bonds with some mythical money that exists on computer hard drives. At least our Fed Reserve has a dubious history going back to 1913.
Weren’t the institutional investors cheering? They all smell very short term gains when the printing presses are running at high speeds.
Wht could possibly go wrong?
Maybe there are some sensible people left in Europe. People are beginning to notice that all the financial gimmicks and bailouts are simply squandering more capital and not correcting the malignant inherent economic problems, behavior and expectations. Will Germany commit economic suicide on behalf of a failing Europe? That is no way to atone for primordial guilt Fraulein Merkel.
My “Fixit” sense are tingling. If the Finns detect that Germany is getting scared, they’ll be gone faster than religious freedom under Obama. This whole structure is ready to come crashing down, and the rich nations do not want to be around when it does.