EU creates $1 trillion package to save euro
BRUSSELS (AP) -- The European Union spearheaded a $1 trillion plan Monday to contain Europe's spreading debt crisis and keep it from tearing the euro currency apart and derailing the global economic recovery.
Central banks around the world joined the coordinated effort to prop up the euro and repel speculative attacks against Europe's weakest countries. The European Central Bank used what analysts called its "nuclear option" -- buying public and private debt to shore up liquidity in "dysfunctional" markets and lower borrowing costs.
Link
It's so simple:
- find a computer in Euro Central Bank/IMF/etc,
- sit down
- type 1 and a bunch of zeros, press enter
and voila you created one bazillion of new euros you can use to buy worthless fancy pieces of paper (also known as bonds in some circles) from Greek/Spanish/Portuguese/etc government at whatever ridiculous interest rate so said gov can keep corrupting its electorate and keep the illusion running.
Pretty clever scheme to save billions of euro that private French/Swiss/German/Dutch banks loaned to Greece. These banks are recovering their losses and the last couple of morons with savings will foot the bill as their savings will be diluted by inflation in the name of "liquidity."
Rinse and repeat every couple of months (weeks?).
EDIT: good read here:
http://globaleconomicanalysis.blogsp...-of-force.html