The ECB’s massive new round of QE: “Another trillion for the banks…..”

Mario Draghi has recently committed the European Central Bank (ECB) to a “quantitative easing program worth at least 1.1 trillion euros ($1.3 trillion) to counter the threat of a deflationary spiral” (Bloomberg Jan 22, 2015).

David Stockman’s Contra Corner (January 25, 2015) has called it; “Europe’s Saddest Day In 50 Years: Another Trillion For The Banks, More Trauma For The People”        the guest article by Raúl Ilargi Meijer called it another liquidity bonanza for the big banks. “Draghi is Goldman,” Meijer said.

And then he said something quite interesting – that the massive ECB quantitative easing program is not “the only option.”

Meijer struck gold:  “Steve Keen’s modern version of a debt jubilee, in which money is given directly to the people, under the condition that they first use it to pay off debt if they have any, would be much more effective. But it would be far less profitable for the banks, and that’s why it’s not considered.”

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Indeed.  And here is the American version of just such a dynamic Plan – granting massive debt relief and restoring financial health at ‘ground level’ in America.

The Leviticus 25 Plan 2015 – $70,000 per U.S. citizen                                                     The Leviticus 25 Plan 2015 (752)

 

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