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ECB Keeps Rates Unchanged
Even though 14 out of the surveyed 54 economists expected a rate cut of some sort, and some were even calling for an outright QE any minute now, this time the majority of academics, or 40 of them, were right and the ECB proceeded with no changes to its various interest rates.
From the ECB:
At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.25%, 0.75% and 0.00% respectively.
The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.
Maybe Draghi will announce something more actionable at his press conference at 8:30 am but at this point it appears that the ECB's hand are tied even as the continent continues to drift ever more into deflation.
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Super Mario explains his decision:
http://www.youtube.com/watch?v=zV3UuMOfiaQ
Is there a Cliffnotes Notes I can just scan instead?
Good cause the $3/gal gas had me on my last nerve.
ECB will win currency war by not partisipate in
"...as the continent continues to drift ever more into deflation..."
oh, the horror /sarc
last time I looked, the main reason for inflation decreasing (which is not the same as having deflation) was a lower energy cost component
which is not even included in some other countries' inflation number
Bubble Chronicles. Mystery Solved: Meet Satoshi Nakamoto - The Face Behind Bitcoin
One mystery is solved, Satoshi Nakamoto is found and another one: when this bubble will be finally over will be found soon. Warren Buffet has discussed it recently and dismissed Bitcoin as a currency, as a store of value it is not working very well for the latest buyers. It will be more and more difficult to find another fool to buy it at a higher price after all recent news about Mt. Gox bankruptcy, millions of lost Bitcoins and crucial technical fault in its architecture allowing it to happen. Constant attacks from the Central Banks around the world will only add to the pressure on FIAT alternative. There is no "Gold 2.0" - there is only one real Gold and not so much of it left now.
http://sufiy.blogspot.co.uk/2014/03/bubble-chronicles-satoshi-nakamoto-f...
Who?
Good. Now all the EU has to do is back their currency with gold, even partially; and WALLA!- instant reserve currency. God bless deflation and those willing to tolerate it. Somehow I think the Germans (and their memory of currency failures) have a hand in this.