Btw, just for fun, fundamental issues vs. PR.
Iron Angie:
Statement: ECB will not print!
Reality: ECB didnt sterilize its SMP operations already for three weeks and therefore injected more than 200 Bn of EUR into economy.
GS ambassador within ECB:
Statement: ECB will will not act as lender of last resort!
Reality: ECB is buying toxic bonds of sovereigns all across the market. In fact they are buying trash papers for values and their balance sheet is full of not only sovereigns bonds, but EFSF toxic "AAA" bonds as well. So they will suffer huge losses. Thats exactly what lender of last resort does.
T
Iron Angie:
Statement: ECB will not print!
Reality: ECB didnt sterilize its SMP operations already for three weeks and therefore injected more than 200 Bn of EUR into economy.
GS ambassador within ECB:
Statement: ECB will will not act as lender of last resort!
Reality: ECB is buying toxic bonds of sovereigns all across the market. In fact they are buying trash papers for values and their balance sheet is full of not only sovereigns bonds, but EFSF toxic "AAA" bonds as well. So they will suffer huge losses. Thats exactly what lender of last resort does.
T
"I know one thing, that I know nothing." Sokrates