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The ECB's decision to provide unlimited 3-year liquidity to banks should give them the funds they need to finance economic growth and purchase sovereign debt, helping to lower euro zone bond yields, ECB Governing Council member Christian Noyer said.
In an interview with French news channel LCI, Noyer also said that a EU summit deal on Friday to move toward greater fiscal union in Europe should help to underpin a recovery in confidence.
"What we decided yesterday in the governing council of the ECB was to use our bazooka ... so that banks can continue to do their job, continue to provide credit to the economy and ... buy sovereign debt," Noyer said.
"That is the role of insurance companies, banks and financial investors. We will give them all the liquidity they need so they can do this."
Noyer said Friday's "historic" agreement by European countries to set automatic sanctions on budget rule breaks -- agreed by all 27 EU members except Britain -- should help stabilize investor sentiment toward the euro zone.
"I am convinced that this should be well received and that should allow interest rates to fall," he said.
They can kick that can all they want, at some point, they reach the end of the road. i cannot for the life of me understand why they think the solution to untenable debt is a massive increase in the untenable debt. Is it just me? These guys must live in some alternate universe, because here on Earth, more debt is not better, it's worse.
Unlimited printing. Awesome. Good job eu.
i cannot for the life of me understand why they think the solution to untenable debt is a massive increase in the untenable debt. Is it just me? These guys must live in some alternate universe, because here on Earth, more debt is not better, it's worse.
i cannot for the life of me understand why they think the solution to untenable debt is a massive increase in the untenable debt. Is it just me? These guys must live in some alternate universe, because here on Earth, more debt is not better, it's worse.
I get it, I think. At least where oatmeal and pabulum are seen as acceptable substitutes for gray matter.
They really, really and truly have deluded themselves into believing that they actually "grew" an economy this way, rather than the expectation of an economy.
If we all just hope enough, expect enough, believe enough, and most of all work hard enough, then all the unlimited debt will be met with equally unlimited growth.
I think they understand exactly what they are doing. They don't want to fix the European problem or the U.S. problem. They WANT to kick the fiat debt-money problem down the road until an opportune time.
When is the opportune time? I don't know, but I think they have a general timeline in their sights.
p.s. im having trouble using the quote option ............
I think they understand exactly what they are doing. They don't want to fix the European problem or the U.S. problem. They WANT to kick the fiat debt-money problem down the road until an opportune time.
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