Thursday, September 15th, 2011
Banks Need More Free Money
Banks need more free money. Today it was announced that the European Central Bank decided that, since some European banks were unable to borrow the money they needed from the private markets, that they will provide all the “liquidity” they need from now until the end of the year. They will be doing this in conjunction with the Federal Reserve, the Bank of England, the Bank of Japan, and the Swiss National Bank. This is called “easing” as in Quantitative Easing, a fancy phrase for giving money to your fellow bankers and corporate friends so they can stay in business and continue making massive profits. After all, it’s almost bonus time and this announcement comes just in time for those executives to make plans for how they’ll spend their multi-million dollar bonuses this year. Perhaps another mansion to add to their collection?
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