Hedge fund na dragach
/ 178.36.135.* / 2013-05-20 15:49
ECB wystraszony już jest nie tym co dzieje się z gospodarką bankrutującej strefy. ale swoim własnym istnieniem.
Dlatego nic już jej nie pomoże, a tylko może zaszkodzić coraz gorszymi pomysłami...
The ECB isn’t just worried about the banks or the economy; it’s worried about its own raison d’être: if the euro is the core problem and ends up being dissolved, the ECB would be too. Hence ideas such as negative deposit rates or – in the spirit of doing “whatever it takes” to preserve itself – buying asset backed securities ... backed by decomposing corporate debt to lift that crap off the books of collapsing and bailed-out periphery banks. Desperation is taking on epic dimensions.
With these moves, the ECB, in addition to distorting the economy and the perception of risks, imposes an ever harsher degree of financial repression on savers, insurance companies, pension funds, and others; and it is turning itself into a “bad bank,” loaded up to the gills with rotting sovereign and corporate debt. How this might have a happy ending is a mystery.