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| Britain |
| Central Bank steps up its cash support to Irish banks financed by institution printing own money |
| 2011-01-16 |
| This is a turn up for the books. If the Irish Central Bank is printing its own Euros can the other PIIGS be far behind? The amount they've already printed represents about 25% of Irish GDP. EMERGENCY lending from the ECB to banks in Ireland fell in December, the first decline since January 2010, but only because the Irish Central Bank stepped up its help to banks. The Irish Independent learnt last night that the Central Bank of Ireland is financing €51bn of an emergency loan programme by printing its own money. ECB lending to banks in Ireland fell from €136.4bn in November to €132bn at the end of December, according to the figures released by the Irish Central Bank yesterday. |
| Posted by:tipper |
| #6 I'm not an economist, but I get this gut feeling QE2 and the European bailout are combining to contribute to the spike in food costs worldwide. The recent overthrow of the Tunisian government was partly/mostly due to food costs & riots are breaking out all over. |
| Posted by: Anguper Hupomosing9418 2011-01-16 21:07 |
| #5 I have a feeling that if Rand Paul gets his FED audit, behind closed doors, as he is likely to do, they are going to totally blow his boat out of the water by telling him the unvarnished truth. And he is then going to vomit like a high school kid after a dozen boilermakers. He'll leave that meeting pale as a ghost and never say another damn word on the subject. |
| Posted by: Anonymoose 2011-01-16 18:00 |
#4 #1 that's the ticket! Print up money and loan it to yourself! That is exactly what our federal reserve is doing with "QE2". They are printing money and buying Treasury debt in order to keep interest rates artificially low. If the fed didn't do this, interest rates would have to rise on treasury debt in order to attract buyers. |
| Posted by: crosspatch 2011-01-16 16:18 |
| #3 2 Options. a) Default. b) Be repaid in debased currency and hope no-one notices. |
| Posted by: Bright Pebbles 2011-01-16 15:57 |
| #2 If I do it, it's called "Counterfeiting". |
| Posted by: Redneck Jim 2011-01-16 14:55 |
| #1 that's the ticket! Print up money and loan it to yourself! |
| Posted by: Frank G 2011-01-16 14:19 |