Pater Tenebrarum recently reported (Money Astronomy – Dec 22, 2014) that the ECB is warming up the printing presses.
“Reuters reports that the governor of Belgium’s central bank and ECB council member Luc Coene has come out in support of full-fledged quantitative easing by the ECB in the form of sovereign bond purchases.
“The European Central Bank should start buying government bonds to tackle poor investor confidence and low inflation in the euro zone, governing council member Luc Coene said in an interview published on Saturday.
The Belgian central bank chief said the bank had already waited too long, and that this could be one tool to spur economic activity in the 18-country euro zone and fight off deflationary pressures.
More money printing is very likely on the way in the euro area. The result will likely be another false dawn that will be hailed as an economic recovery, even while prices and with them economic calculation will be falsified and structural distortions in the economy will continue to pile up.
Citizens of European nations would be better served if Central Bank, instead of buying more debt, would extend credit directly to them – to eliminate debt at ‘ground level’ and reduce the citizenry’s dependence on government assistance programs.
Central Bank debt purchases, in the long run, accomplish little more than propping up a sputtering, exhausted socialist system that strips freedoms and feeds the financial oligarchy.
Grant citizens the same direct access to liquidity that was so generously provided in the form of bailouts for major banks and other credit institutions during the financial crisis (2008-2010).
The Leviticus 25 Plan 2015 – The $70,000 Solution The Leviticus 25 Plan 2015 (714)