Last Week The ECB Bought A Whopping €2.7 Billion In Sovereign Bonds

Tyler Durden's picture

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Leo Kolivakis's picture

Call it P-envy (POMO envy)! :)

Shameful's picture

How could Trichet look across the pond at Zimbabwe Ben and not feel a little envy at "Big Ben"?  POMO: Bigger, Longer, and Uncut!

gwar5's picture

The Trichet Bernank?

SheepDog-One's picture

ECB Europes Copy of Bernanke? Monetize the whole world FLOAT this bitch a bit longer!

Thomas's picture

Stein's law is immutable.

NotApplicable's picture

Still though, that has no bearing on short term timing.

erik's picture

Taylor's call of EUR-USD to ~1.36 may just turn out true this week.  That would coincide with a USD at the 50 day MA most likely, which makes for a nice entry point.

Alex Lionson's picture

It seems to be a game of "who blinks first"

Shameful's picture

Yeah that's a lot of money, but somehow I'm underwhelmed.  Maybe after Zimbabwe Ben's performance this just comes off as weak.  If Trichet really wants to grab the worlds attention he is going to need to really dig down deep and buy a lot more trash.

youngandhealthy's picture

Whopping!?   It is a third of what FED is buying every day and will continue doing so until June next year. ECBs tally so far is approx €70Bn since May. That is probably what FED has monetized the last 2-3 weeks.

And ECBs operations are sterilized.

SheepDog-One's picture

How do you sterilize toxic waste, burn it?

Wolf in the Wilds's picture

Moral Hazard.  ECB is putting its balance sheet at risk now as the buyer of only resort of the the peripheral bonds. 

 

http://viewfromthewilds.blogspot.com/2010/12/moral-hazard-ecbs-ongoing-m...

 

Won't end well

Gimp's picture

How does this all end??  Everyone printing worthless IOU's? 

koeleköpke's picture

the scholar learned it from the master

 

Dadoomsayer's picture

Looks like everyone is pushing up asset prices.  Good times

Caviar Emptor's picture

It's the style of the times!! Gotta keep up with those Jones'. 

Supersize my debt financing! 

Goldenballs's picture

Who else would buy worthless toxic debt however its packaged.Just print and buy,what a joke.

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