Print, Print, Print
In case you missed this news, the European Central Bank yesterday created 348 billion euros. That’s equal to about one-half trillion dollars. Presto! Like magic, one-half trillion dollars of so-called “liquidity” appeared out of thin air.
It really isn’t liquidity though. Let’s call it what it really is. It’s just newly ‘printed’ currency, created not with a printing press, but rather, with a simple book entry on the ECB’s balance sheet.
Let’s flash back to Weimar Germany in 1923. As that country’s monetary problems worsened, the central bank, the Reichsbank, in the misguided thinking of that day printed one-half trillion of Reichsmarks. It also had the aim to provide liquidity.
Is there anything essentially different between what the Reichsbank did and what the ECB just did? Absolutely not.
One Response to “Print, Print, Print”
By Blue gold on Dec 30, 2007
What is the difference between having an Un- constitutional FED printing the value of the dollar away and gold bugs hiding in the corner waiting for the dollar to crash/hyper-infltion so they can make a profit and say I told you so!
They fed only benefits and small few and most Americans do not own gold so both sides benefit a small minority, and I can guarantee that everyone working at the FED owns allot of gold.
The men of America need to stand up and change things in this country, change the banking system that will benefit all. Not posting articles/blogs about gold, gold, gold, silver, silver while the real people that produce it in South Africa and Mexico and South America are starving.
Free the gold market to free the world of the fiat currency empire not just making a small profit!