As everyone knows by now, tomorrow the ECB will announce a QE plan that monetizes some €50 billion (and maybe more) in European government bonds per month, although Greece may be left out in the cold. It is also the reason why while European stocks have priced in more than 100% of the full impact of a €1 trillion QE, those gains are about to be wiped out. Here's why according to Panmure Gordon.

Remember how well JPMorgan's innovative social media experiment #AskJPM went? Well, taking a lesson from the Einsteinian insanity instruction manual, John Kerry and The White House have unleased #AskTheWH ... enjoy...

The EU’s financial watchdog, the European Securities and Markets Authority, will look at whether automated trading adds fake, or ghost, liquidity to markets, said Steven Maijoor, the regulator’s chairman. “There has been a suggestion that the liquidity they are providing is not real liquidity because once you would like to go into the trade and accept an order the offer disappears,” Maijoor said in an interview in Hong Kong on Jan. 20. “We are looking now into the specific issue of what is called ghost liquidity.”

The timidness with which mainstream media in the U.S. approaches news has been well documented. In fact, the inability of traditional media to do a reasonable job of holding powerful interests accountable has been one of the primary drivers behind the ascendency of alternative news. Despite this reality, one thing we know less about is specifically how the power structure goes about suppressing news it doesn’t want reaching the plebs. Until now...

Debt-serfs who make the difficult and risky transition to small-scale business owners find they have simply moved to another class of serfdom. The net result is a system in which the vast majority of productive assets are owned by the few who then have the means to exploit the many.

Even Central Bankers Now Admit QE Doesn’t Work

Swiss interest rates were already the lowest in the world before The Swiss National Bank de-pegged from the Euro last week but in the ensuing few days, investor demand for the 'safety' of Switzerland has collapsed the yield curve to levels thought impossible just weeks ago...

As we further showed, the bulk of foreign demand for New York's most expensive properties, originated in China, Russia and various other oligarch-controlled nations, where the impetus to launder illegally obtained hot money meant an impulse to buy US real estate sight unseen and virtually at any price. And all of it, of course, all cash. No mortgages.  That onslaught of foreign oligarch demand is ending, and with it so is the bubble that luxurious New York real estate found itself in on the back of some $12 trillion in central bank liquidity created out of thin air in the past 6 years. Business Week cites Manhattan real estate agent Lisa Gustin who listed a four-bedroom Tribeca loft for $7.45 million in October, expecting a quick sale. Instead, she cut the price this month by $550,000. “I thought for sure a foreign buyer would come in"... They didn't.

“If the government and the Kansas Corporation Commission care about the people of Kansas and the damages, they will order a moratorium,” exclaims Joe Spease, chairman of the Kansas Sierra Club's fracking committee following a report from Kansas officials, who have been reluctant to link the mysterious earthquakes in south central Kansas to fracking, admitted last week that "we can say there is a strong correlation between the disposal of saltwater and the earthquakes." As LJWorld reports, it's the first time state officials have so clearly stated the likely cause of the earthquakes, which are afflicting a region where fracking is widely used.

Southeast worst since Financial Crisis. Atlanta Fed frets: oil bust, dollar?

Greece's bailout program is not working. After receiving hundreds of billions of Euros in new loans to stave off a sovereign default, Greeks are on the verge of electing a new government that may throw Eurozone politics into turmoil. How things will play out in Greece and abroad is anybody’s guess. But it is important to consider the factors which have contributed to the current state of affairs.

NATO's Jens Stoltenberg unleashed the latest tirade against Russia this morning proclaiming - though offering no proof - that there are Russian forces and heavy equipment in Ukraine and a high number of Russian forces on the border which "doesn't contribute to a peaceful solution." Apparently pre-empting this outburst, Pravda reports Anatoly Tsyganok, director of the Military Forecasting Centre, exclaims, "Ukraine reiterates that Russia is in the war, but it's not true," adding that in fact "the USA and the NATO have artificial satellites continuously circulating above this territory and control the situation," concluding with a jab at The US & NATO that "Russia has never participated in the military conflict. And no attempt to involve Russia in the conflict will be crowned with success." The propaganda battle continues...

As we have reiterated very frequently over recent years, the biggest vulnerability in the post crisis environment was that central banks start to make policy errors, by taking activist and precipitous decisions. Thus following on from last year's error by Norges Bank (and noting that we would not call last week's SNB decision a mistake, despite the shockwaves that it caused), the Bank of Canada joins that policy error club.

Who will ultimately benefit from the action? Will it be the people of Europe or only the mega-rich? For whom, we have continuously pointed out QE has greatly benefitted and as Alan Greenspan recently pointed out – QE has been a “terrific success.” The intensification of currency debasement and currency wars shows the increasing importance of owning physical gold coins and bars.