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Content about European Central Bank

March 29, 2012
S&P Admits Greek Debt Will Have To Be Restructured Again

While Moritz Kraemer, head of sovereign ratings at Standard & Poor believes Greece will have to restructure its debt once more, the ECB calls for more regime change.

Speaking at an event last night at the London School of Economics, Kraemer said he believed that this time round, Greece would have to involve bailout partners such as the International Monetary Fund. Commenting on the likelyhood of a further restructuring, he siad:

I’m not predicting today when ... At that time maybe the official creditors need to come into the boat.

Perhaps he was alluding to the Titanic.

January 17, 2012
Inflation Falls To 4.2% - Where's The Hyperinflation, Then?

The main cause of hyperinflation is a massive and rapid increase in the amount of money which is not supported by growth in the output of goods and services. The UK Column has been warning for a number of years now that we are staring hyperinflation in the face. So where is it?

It's there.

It's there in the half trillion Euros pumped into an already dead European financial system at Christmas by the European Central Bank. It's there in the half trillion Euros that the ECB is going to pump in next month. It's there in the trillions upon trillions of dollars pumped into the system by the Fed, and the hundreds of billions of pounds pumped into system by the Bank of England.

January 11, 2012
Inter-Alpha Group Banks - Hoarding ECB Hyperinflationary Bailout

On the 22nd December last year, the European Central Bank began lending some new money. 523 European banks borrowed €489 billion in one day.

The money was lent at 1% over three years. This was the biggest infusion of hyperinflationary credit by the ECB ever, and represents 5% of the GDP of the whole European Union. In one day.

The move was part of the ECB's package of measures intended to "stabilise" financial markets. The Association of German Banks said at the time that the cash injection would "decisively improve" the liquidity of European Banks, and help ward off potential credit shortages in the Euro zone.

So, has it achieved its objective?

January 10, 2012
The Financial Crash - Europe Continues Descent Into Hell

We could be forgiven for thinking that the Euro crisis has gone away, with so little coverage in the media. Sadly, it's just the calm before the storm.

Ireland, Spain, Italy, Greece or Hungary are each quite capable of lighting the fuse that sets off the Euro bomb any time now.

Today, "officials" from the "Troika" - the IMF, European Central Bank, and EU - are visiting Dublin to review its loan programme to Ireland.

As part of the visit the delegation will peruse Irelands books, to see how the country has performed against the Troika's demands for austerity. They will also outline which hoops Ireland will have to jump through in the coming three months.

January 7, 2012
The Truth About The "Robin Hood" Tax

As the Euro continues is collapse, French President Sarkozy has indicated that he will not wait for the rest of Europe to stop squabbling before imposing the financial transaction tax. 

The Euro fell for a fifth week against the dollar this week; its longest losing streak for nearly two years. It also fell against Sterling, the Australian Dollar and the Yen, where it is at its lowest level for eleven years. What happens next depends on the European Central Bank meeting on the 12th January.

September 23, 2011
Welcome To Weimar

The statements from within the global financial "leadership", and reflected in the mainstream press release mashup squad, have been staggering. There is "already a raging panic around the solvency of the European banking system", wrote the Telegraph's Jeremy Warner, "Most people will find the idea that more than four years after the banking crisis began, the banking system continues to require squillions of public money almost beyond belief".

The European Central Bank's "European Systemic Risk Board", a committee set up last December to manage the degree of panic in the system, began really stoking things up a couple of days ago, in a press release issued following their third scheduled meeting. They warned of a "rapidly rising risk of significant contagion [which] threatens financial stability in the EU as a whole".

Other quotations from various sources include:

You need a lot more firepower to be a circuit breaker!

October 6, 2008
Never Mind Lisbon, Europe Is Dead

Germany has joined Ireland and Greece in declaring that private citizens' savings will be protected by the state. In doing so, they seem to have dealt a massive blow to the very foundations of the Tower of Babel that is the Maastricht Treaty. At the very least, they have exposed European monetary union for the joke that it is.

Angela Merkel announced the guarantees after an emergency meeting of the Bundesbank and the financial regulator, called because Hypo Real Estate, Germany's second largest commercial property lender, is in trouble after a €35bn rescue plan collapsed.

The problem for the European elites is that they must have been drunk when they architected Maastricht.