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Mario Draghi Unveils €60 Billion Per Month QE Through September 2016 With Partial Risk-Sharing: Live Conference Webcast
From "whatever it takes" to OMT to "discussing" bond purchases, with European interest rates at record (incomprehensible) lows (apart from Greece) and EURUSD at 11-year lows (down 25 handles in the last 8 months), Mario Draghi looks set to unleash interventionist 'hell' on the investing public in Europe with EUR50 billion (plus plus) of ECB QE per month for as long as it takes.
Priced-in?
And then there's this:
- *MERKEL SAYS DEBT CRISIS 'MORE OR LESS UNDER CONTROL,' NOT OVER
- *MERKEL SAYS ECB IS MAKING AN INDEPENDENT DECISION TODAY
Live Feed below (in case of error, here is a link to the source webcast):
Here are the highlights, which confirm that yesterday's widespread rumor was a market-testing trial balloon:
- DRAGHI ANNOUNCES EXPANDED ASSET PURCHASES
- DRAGHI SAYS ECB WILL BUY EU60BLN/MONTH, not the €50BN "leaked" yesterday
- DRAGHI SAYS ECB WILL START AGENCY DEBT PURCHASES IN MARCH
- DRAGHI SAYS ECB ASSET BUYING TO CONTINUE UNTIL SEPT. 2016: so 19 months at €60 billion = €1.1 trillion
- DRAGHI SAYS PURCHASES WILL BE CONDUCTED BASED ON CAPITAL KEY
- DRAGHI SAYS AGENCY DEBT WILL BE SUBJECT TO LOSS SHARING
- DRAGHI SAYS ECB WILL HOLD 8% OF ADDITIONAL ASSET PURCHASES
- DRAGHI SAYS AGENCY DEBT WILL BE 12% OF ADDITIONAL PURCHASES
- DRAGHI SAYS 20% OF PURCHASES TO BE SUBJECT TO RISK SHARING
- DRAGHI SAYS ECB REMOVES 10BP SPREAD ON TLTRO FOR FUTURE
Quick take: slightly more than expected per month, with a slightly shorter duration than expected, amounting to just about €1.1 trillion over 16 months, which is a tad on the low side to the super-aggressive expectations of €1 trillion per year. Furthermore, as expected there will be partial risk-sharing. It is still unclear what are the embedded conditions regarding purchasing Greek or other "junky" bonds.
But the biggest error, and what assures that the ECB's QE will fail (not that anyone expected it would work of course, and certainly not 99% of the European population), is that unlike the Fed's and BOJ's QEs, it is not "open-ended." The market will not be happy.
* * *
Draghi's complete prepared remarks:
Mario Draghi, President of the ECB,
Frankfurt am Main, 22 January 2015
Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. Let me wish you all a Happy New Year. I would also like to take this opportunity to welcome Lithuania as the nineteenth country to adopt the euro as its currency. Accordingly, Mr Vasiliauskas, the Chairman of the Board of Lietuvos bankas, became a member of the Governing Council on 1 January 2015. The accession of Lithuania to the euro area on 1 January 2015 triggered a system under which NCB governors take turns holding voting rights on the Governing Council. The details on this rotation system are available on the ECB’s website. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we conducted a thorough reassessment of the outlook for price developments and of the monetary stimulus achieved. As a result, the Governing Council took the following decisions:
First, it decided to launch an expanded asset purchase programme, encompassing the existing purchase programmes for asset-backed securities and covered bonds. Under this expanded programme, the combined monthly purchases of public and private sector securities will amount to €60 billion. They are intended to be carried out until end-September 2016 and will in any case be conducted until we see a sustained adjustment in the path of inflation which is consistent with our aim of achieving inflation rates below, but close to, 2% over the medium term. In March 2015 the Eurosystem will start to purchase euro-denominated investment-grade securities issued by euro area governments and agencies and European institutions in the secondary market. The purchases of securities issued by euro area governments and agencies will be based on the Eurosystem NCBs’ shares in the ECB’s capital key. Some additional eligibility criteria will be applied in the case of countries under an EU/IMF adjustment programme.
Second, the Governing Council decided to change the pricing of the six remaining targeted longer-term refinancing operations (TLTROs). Accordingly , the interest rate applicable to future TLTRO operations will be equal to the rate on the Eurosystem’s main refinancing operations prevailing at the time when each TLTRO is conducted, thereby removing the 10 basis point spread over the MRO rate that applied to the first two TLTROs.
Third, in line with our forward guidance, we decided to keep the key ECB interest rates unchanged.
As regards the additional asset purchases, the Governing Council retains control over all the design features of the programme and the ECB will coordinate the purchases, thereby safeguarding the singleness of the Eurosystem’s monetary policy. The Eurosystem will make use of decentralised implementation to mobilise its resources. With regard to the sharing of hypothetical losses, the Governing Council decided that purchases of securities of European institutions (which will be 12% of the additional asset purchases, and which will be purchased by NCBs) will be subject to loss sharing. The rest of the NCBs’ additional asset purchases will not be subject to loss sharing. The ECB will hold 8% of the additional asset purchases. This implies that 20% of the additional asset purchases will be subject to a regime of risk sharing.
Separate press releases with more detailed information on the expanded asset purchase programme and the pricing of the TLTROs will be published this afternoon at 3.30 p.m.
Today’s monetary policy decision on additional asset purchases was taken to counter two unfavourable developments. First, inflation dynamics have continued to be weaker than expected. While the sharp fall in oil prices over recent months remains the dominant factor driving current headline inflation, the potential for second-round effects on wage and price-setting has increased and could adversely affect medium-term price developments. This assessment is underpinned by a further fall in market-based measures of inflation expectations over all horizons and the fact that most indicators of actual or expected inflation stand at, or close to, their historical lows. At the same time, economic slack in the euro area remains sizeable and money and credit developments continue to be subdued. Second, while the monetary policy measures adopted between June and September last year resulted in a material improvement in terms of financial market prices, this was not the case for the quantitative results. As a consequence, the prevailing degree of monetary accommodation was insufficient to adequately address heightened risks of too prolonged a period of low inflation. Thus, today the adoption of further balance sheet measures has become warranted to achieve our price stability objective, given that the key ECB interest rates have reached their lower bound.
Looking ahead, today’s measures will decisively underpin the firm anchoring of medium to long-term inflation expectations. The sizeable increase in our balance sheet will further ease the monetary policy stance. In particular, financing conditions for firms and households in the euro area will continue to improve. Moreover, today’s decisions will support our forward guidance on the key ECB interest rates and reinforce the fact that there are significant and increasing differences in the monetary policy cycle between major advanced economies. Taken together, these factors should strengthen demand, increase capacity utilisation and support money and credit growth, and thereby contribute to a return of inflation rates towards 2%.
Let me now explain our assessment in greater detail, starting with the economic analysis. Real GDP in the euro area rose by 0.2%, quarter on quarter, in the third quarter of 2014. The latest data and survey evidence point to continued moderate growth at the turn of the year. Looking ahead, recent declines in oil prices have strengthened the basis for the economic recovery to gain momentum. Lower oil prices should support households’ real disposable income and corporate profitability. Domestic demand should also be further supported by our monetary policy measures, the ongoing improvements in financial conditions and the progress made in fiscal consolidation and structural reforms. Furthermore, demand for exports should benefit from the global recovery. However, the euro area recovery is likely to continue to be dampened by high unemployment, sizeable unutilised capacity, and the necessary balance sheet adjustments in the public and private sectors.
The risks surrounding the economic outlook for the euro area remain on the downside, but should have diminished after today’s monetary policy decisions and the continued fall in oil prices over recent weeks.
According to Eurostat, euro area annual HICP inflation was -0.2% in December 2014, after 0.3% in November. This decline mainly reflects a sharp fall in energy price inflation and, to a lesser extent, a decline in the annual rate of change in food prices. On the basis of current information and prevailing futures prices for oil, annual HICP inflation is expected to remain very low or negative in the months ahead. Such low inflation rates are unavoidable in the short term, given the recent very sharp fall in oil prices and assuming that no significant correction will take place in the next few months. Supported by our monetary policy measures, the expected recovery in demand and the assumption of a gradual increase in oil prices in the period ahead, inflation rates are expected to increase gradually later in 2015 and in 2016.
The Governing Council will continue to closely monitor the risks to the outlook for price developments over the medium term. In this context, we will focus in particular on geopolitical developments, exchange rate and energy price developments, and the pass-through of our monetary policy measures.
Turning to the monetary analysis, recent data indicate a pick-up in underlying growth in broad money (M3), although it remains at low levels. The annual growth rate of M3 increased to 3.1% in November 2014, up from 2.5% in October and a trough of 0.8% in April 2014. Annual growth in M3 continues to be supported by its most liquid components, with the narrow monetary aggregate M1 growing at an annual rate of 6.9% in November.
The annual rate of change of loans to non-financial corporations (adjusted for loan sales and securitisation) remained weak at -1.3% in November 2014, compared with -1.6% in October, while continuing its gradual recovery from a trough of -3.2% in February 2014. On average over recent months, net redemptions have moderated from the historically high levels recorded a year ago and net lending flows turned slightly positive in November. In this respect, the January 2015 bank lending survey indicates a further net easing of credit standards in the fourth quarter of 2014, with cross-country disparities decreasing in parallel with an increase in net demand for loans across all loan categories. Banks expect that these dynamics will continue in early 2015. Despite these improvements, lending to non-financial corporations remains weak and continues to reflect the lagged relationship with the business cycle, credit risk, credit supply factors and the ongoing adjustment of financial and non-financial sector balance sheets. The annual growth rate of loans to households (adjusted for loan sales and securitisation) was 0.7% in November, after 0.6% in October. Our monetary policy measures should support a further improvement in credit flows.
To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need for further monetary policy accommodation. All our monetary policy measures should provide support to the euro area recovery and bring inflation rates closer to levels below, but close to, 2%.
Monetary policy is focused on maintaining price stability over the medium term and its accommodative stance contributes to supporting economic activity. However, in order to increase investment activity, boost job creation and raise productivity growth, other policy areas need to contribute decisively. In particular, the determined implementation of product and labour market reforms as well as actions to improve the business environment for firms needs to gain momentum in several countries. It is crucial that structural reforms be implemented swiftly, credibly and effectively as this will not only increase the future sustainable growth of the euro area, but will also raise expectations of higher incomes and encourage firms to increase investment today and bring forward the economic recovery. Fiscal policies should support the economic recovery, while ensuring debt sustainability in compliance with the Stability and Growth Pact, which remains the anchor for confidence. All countries should use the available scope for a more growth-friendly composition of fiscal policies.
We are now at your disposal for questions.
?
»
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I have a dream... To further enslave all the peoples of Europe...
God, I hate that man.
... donkey kong intervention ...
The reviews are already rolling in.....
https://www.youtube.com/watch?v=P36x8rTb3jI
Huge Buffering issues.
This is a big moment.....expect some technical difficulties.
"hypothetical losses"
FUCK YOU YOU DIRTY FUCKER!
20% of 1.2 trillion EUR are subject to risk sharing; 240 Billion EURs x .22 (Germany's share) = 50 Billion EUR (- 22% German share) 36 Billion is German government's liability for the PIIGS in this scheme. GET PISSED!
He wants to expand the CREDIT MARKET!? IS HE FUCKING SERIOUS!?
Has he seen Greece recently!? Italy? Spain?
GET PISSED!
I'm highly unamused.
28% of 1.08 trillion EUR are subject to risk sharing; 240 Billion EURs x .22 (Germany's share) = 50 Billion EUR (- 22% German share) 36 Billion is German government's liability for the PIIGS in this scheme.
That is 54500€ PER GERMAN OUT OF POCKET TO SUPPORT THE FUCKING SOUTH, or 2250€ per year or over 185€ per month.
Christ I hate the EUR.
It is only risk.
No risk, no gain.
/sarc
Here are correct figures. These buffering issues are impossible to keep up with;
28% of 1.08 trillion EUR are subject to risk sharing; 302.4 Billion EURs x .22 (Germany's share) = 66.5 Billion EUR (- 22% German share) 47,88 Billion is German government's liability for the PIIGS in this scheme.
That is 5985€ PER GERMAN OUT OF POCKET TO SUPPORT THE FUCKING SOUTH, or 2992,50€ per year or over 200€ per month.
Christ I hate the EUR.
Relax. This is a 1 trillion Euro program for Germany and Germany has just about 40 billion in shared liability. This is probability the largest gift Germany ever recieved in history. German bonds will be at almost zero interest rates for years now so will save 50 billions in interest payments each year alone. Germany owns the EU now, thx Mario.
Risk sharing = Using German's credit name to pay for more Greek trumpet players to retire at age 55.
They cut early retirement? I thought they were out at 40.
Actually Germany needed more Euros in circulation to keep their products competitive. Having moar debtor nations in the EU helps to that end.
Does anyone really thing that Greece hoodwinked all of Europe to get into the EU? Fuck no.
So we have to look at another reason.
pods
Ths smug look on these criminals as they continue to enrich themselves at the expense of the very people they claim to be helping. In the past, handing out worthless IOUs instead of cold hard cash would have gotten someone drawn and quartered.
@Haus-Targaryen, why don't you get smart and move to the south? Why work so hard just to have it stolen from you and given to those retired trumpet players. The faster people realize this the faster this fraud will end -- starve the beast. Everyone get on the receiving end
right on .... damnit ....must be those greek old guys who are playin all these games ... i am so fucking stupid ... should have figured this long time ago since they borrowed all those hunderds and hunderds of billions that can never pay back ... stupid me
Like NY cops ?
Knuks, early retirement applies only to dangerous occupations like; hairdressers or radio broadcasters, I shit you not look it up.. This is just a down payment on the Islam driven police state Europe will be shortly and yes i know the USSA is further down the path.. They will never excise the cancer it is too useful.
Probably the most lucid analysis here. A very interesting video conference. God Bless Zero Hedge; the one stop go to; for the news that actually matters. (intended in support of Wolferl; I don't understand how these replies end up at the bottom of a page; not a computer programmer).
What a Draghi it is getting bold.
She goes runnin' to the shelter
of her mother's little helper....
-apologies to the Stones
yes, QE is like hard arm addictive drugs
Who wouldn't like to see Draghi and the rest of the bankers with a plastic bag over their head in that swing in The Girl With the Dragon Tattoo.
ODD, I'm luvin it.
pods
Draghi looks like a corpse to me. Can he feel pain and die again? I'm doubtful.
Rolling stones, Knucks... ;-)
Guess who:
I wish that for just one time you could stand inside my shoes, you'd know what a Draghi it is to see you.
;-D
Addendum, let's see: Draghi his ass to jail, orrr, Draghi Queen
dub
- DRAGHI SAYS EURO QE SHOULD BOOST BANKSTER BONUSES FOR 2015 BY A "CONSIDERABLE" AMOUNT
- DRAGHI SAYS EVERYONE KNOWS QE DOES NOTHING FOR THE ECONOMY
- DRAGHI SAYS QE WILL DILUTE EUROPEANS PURCHASING POWER
- DRAGHI SAYS FACADE OF BANKSTER CREDIBILITY MUST BE PROTECTED AT ALL COSTS TO HUMANITY AND LESSER PRIMATES IN GENERAL
hmmmm....what would i buy if i could just print money...hmmmm.....i think i would buy everyfuckingthing, than have you poor saps cut all my lawns and take my trash out....and, and and end
Gold is rising - what does that tell you?
The more money circulates, the higher the gold price, it's been like this since the last 6000 years. Gold is a real asset used for inflation protection, so gold price increase tells me that inflation expectations are rising.
Stop spreading fear as usual, it doesn't have anything to do with today's events.
It's a great day for the Central Counterfeiters
?? Billion is German government's liability for the PIIGS in this scheme. GET PISSED!
Excuse me, but didn't Germany just finally give up resistance to that scheme?
Why is it now all Draghi's fault?
She at least partially pulled her head out of her ass.
https://www.youtube.com/watch?v=bUHoAaDlhDo&feature=youtu.be
Not saying she knows what is really going on but at least she states she did more reading and looking into things after that first brain fart.
good news-- little things like this make my day--thanks
at least he was on-time to start the conference.
Unlike Oblamo
Draghi's hair looks like the hair on my anus!
Zippy Please No link
Wow, you need help!
"Release the Kraken!" - Zeus.
He who can destroy a thing, controls a thing.
Good grief! Stocks are trying to sell off after digesting the fraud from Mario - But of course the pre-set algo buying is fighting the selling. Dow futures fell 120 points 20 minutes after Draghi fraud release, and POPPED right back up to + 120, back down again to + 58...Its WAR boys!! If you have to bet, go long the bots.
How was the issue with the Geman high court resolved? Because QE is ILLEGAL under European rules.
Laws? How quaint.
And now the German industrialists have excuse to get rid of Merkel and walk away from EU.
Bingo... Hold all calls, we have a winner...
- DRAGHI RECOMMENDS GERMANS QUIT BEING PUSSIES AND START DRINKING HEAVILY
Ya, good luck doing that. The German industrialists are fucked.
Which is the goal, export german manufacturing just like the US did... Kill the industrial base and make germany the same as the rest of the PIIGS...
Basically the Germans/German industry go bankrupt or leave the E fucking U.
The choice was not that hard, and now they just needed the right excuse.
So Merkel will leave her position "for ethical/personal reasons" or get kicked out by her own people?
"the people"? since when did the "the people" dictate anything ?
Exactly! The vast majority of people from all nations are neck deep in rectum.
What people? I was talking about the industrialists.
triple
triple
Ya, laws - you know. Those things for the little people.
The global gangbangkster cabal make the rulez as they go along
something to do with....
"Give me control of a nations money and I care not who makes the laws" - M. A. Rothschild
...especially when we're all hanging together in Davos ;)
Illegal? Didn't you see the court ruling?
It was found not to be illegal as long as they didn't "break" any laws.
god save your soul Mario, you just slaved and fleeced millions of people.
He's doing an Obama.
DavidC
What?? Theres no statement release? How will the algos know what to buy?
Germany bent over?
Whocouldanode???
Germans just proved they are fucking idiots just like the rest of us - nothing special. Dumbfucks.
I'd interpret Merkel's statement as Germany's opposition to the printing.
From Germany's perspective ECB is now 'fair game'.
So ECB stands alone, and will suffer its own consequences.
It matters not what they say, but only what they do.
I saw Merkel waving a piece of paper while talking to the press.
I think it was Draghi's promise to stop printing after he is done printing.
I'd interpret Merkel's statement as typical "riding the fence" BS. Just like the rest of them, she knows good and well that there's no solution to this problem other than kicking the can. Her job is to bitch about it while allowing it to happen.
Politicians: managing expectations since... like... forever.
Semperfi
De stukas un zer panzers un der H&K are ready for your orders Frau Merkel.
Expect a German push back... Welcome G-BRICS
when?
every opportunity to date they've taken a pass
seems like they just cemented their position on the dark side
Germany, an occupied vassal state, is going to get its "stool pushed in."
And while consuming pure Russian natty.
Will EU force Germany to close its own Nordstream valves ?
That would be the next step...off cliff.
It's official, time to load the boat with gold and silver!
https://www.youtube.com/watch?v=yloaBw80fV4
In EUR terms Gold gained 13% in 2014.
Oh, William; you're such a bad dude. Love ya like a brother, bro.
NiiiiiiiiiiiiiiiicE!!!
shouldn't they have a commerical or lead in that says this press conference is brought to you today by Goldman Sach?
A European fascist, and an Italian...where do stereotypes come from?
We have all seen this play before.
After millions die, and much production and capital is destroyed, he gets hung by his heels.
Goldman Sachs put Mario into power. If the Gucci loafer fits...
At least European banks will be able, finally, to close out those Bernanke swaps with Mr. Yellen.
So where are all the politicians and their bright ideas on cutting regulations and investings in growing sectors of their economies that they actually have competitive advantage in? Why are Central banks now the first, middle, last and only resort in terms of fixing growth and inflation? Why is this nuclear option of $1T+ in bond purchases the only avenue? Yes it adds capital due to carry trades for banks and prepares them for the upcoming Depression so is this what is going on...just preparation to try to come out of the other side of the oncoming tunnel?
It is the socialization of losses, and an accounting trick to cover past deficit spending, all rolled into one nice tidy gift to the banks.
Enjoy!
+ 1
Socialism for the rich.
And vulgar-capitalism for the rest.
Ya know, I listened for a whole friggin' hour and didn't hear the word "CapEx", ONCE! No dirty factories, no new railroad sidings, roads, warehouses, new equipment, machinery, infrastructure. Nope, just clean markets, running on a pipeline of easy money from their friendly governments. BTFD: "You have the World Governments, Promising they'll buy everything forever, it's free money".
Because the world is run by the mafia, DUH! The only allowable options are to do what best serves their interest. All of that other shit you're talking about is the stuff of fairy tales.
Criminals have not the capacity, let alone the ability to efficiently provide goods and services.
To pretend otherwise is but to further empower your own enslavement.
Just bought some more Gold!!!!!!
Excellent decision; as I pointed out here several times in my previous incarnation; I believe we have seen the lows for 2014--15; in the PM's. I got bounced; but they don't tell you for what. being very polite now.
Wet dream scenario:
(1) Big bazooka announced
(2) Markets rally
(3) Rally fizzles
(4) Close in red
(5) CBs screwed henceforth
(6) Merkel, wearing full on dominatrix gear, shows up on Draghi's doorstep holding a gimp mask and chain leash.
Merkel just finished sucking Lord Rothschild's cock.
If only....
DavidC
Exciting! i just bet this will make Wall St have a Hard on!
Great! BTFD for another year until it's the fed's turn in this giant bazooka circle jerk.
Continuing in the tradition of postponing the inevitable.
Yup.....guess we'll just keep doing this forever........and ever......and ever.
As long as old men sit and talk about the weather, as long as old women sit and talk about old men, were going to keep printin For ever and ever, for ever and Ever, For ever and ever AMEN.
Is it postponing?
Continuing in the tradition of postponing the inevitable.
Or exacerbating the greatest wealth transfer possible in this millennia through the inevitable & extreme chaos?
Depends on your definition of the inevitable.
Complete subjugation of the masses or bloody revolution?
Global revolution?
Is it possible? No less is required but some areas/nations are being set up to prosper - how does one convince them to act? A local revolution? Like Egypt etc? Results not so good. Bloody revolutions tend to be more selective in who is wiped out than popular info acknowledges.
Isn't the UK next in line before the US ?
beware wops with bazookas...
live feed broken ?
he blew away the cameraman with the bazooka
Hell just got hotter, Europe.
Oh you can bet all the HFTs are ready to go....and the Hedgies are on the computers ready to punch.....its all free money....and proven to send the markets up to the heavens
Continuing in the tradition of postponing the inevitable.
Wondering still why it is not understood that the internet fueled by irresponsible credit growth got it to 2006. It was already over in 1990. The rest has just been postponement.
I guess they think they can do it again?
What is option "B"?
You are compleatly correct, however what would the world look like today if all the social programs had gone broke and ended in 2008?
We are living in an artificial construct, fueled for now by the mass belief that CB's can, through QE "create" the funds needed to sustain the unsustainable.
It would look like productive people being responsible for themselves and a distinct lack of crony government extracting resources like vampires to fuel their unearned privilege.
Oh yes, I do agree. That is a huge part of it.
http://www.zerohedge.com/news/2015-01-19/beginning-end-100-trillion-bond...
The big story in the world is the bond bubble.
For over 30 years, sovereign nations, particularly in the West have been buying votes by offering social payments in the form of welfare, Medicare, social security, and the like.
The ridiculousness of this should not be lost on anyone. Politicians, in order to be elected, promise to allocate taxpayer funds on social programs that will benefit said taxpayers down the road (we’re simply talking about social spending, not infrastructure or other costs.
What did his handlers at Goldman, the NY FED and BIS say to do (the William Dudley)? Independent my ass.
If it quacks like a duck...
Desperation is reserved for market lows not all time highs
This should be a doosie
So on Euro QE, we get Euro stocks flat, gold down, silver down, and US Bonds yields rocketing, US futures up, Euro Up.... Yep normal.....
Neither silver nor gold is down; they missed my zero loss stop @2048.5 by 1-1/2 points; on the short covering event at the openig of the S&P500; so I'm still short $200/pt. US Bond yields are not rocketing. The prices of the bonds, the opposite of the yields are up.
60 billion Euros a month
*MERKEL SAYS ECB IS MAKING AN INDEPENDENT DECISION TODAY
oh gee, look what we have here.
good luck draghi
love to see the blackmail pics the ZWO has on herr merkel
they're probably not too easy on the eyes though
Good attempt to distance herself from the lunacy, but Bundesbank and Germany will be brushing Draghi's teeth through his anus. Will be amusing if German citizens hit the streets wanting to leave the EU. I'm sure that is a wet dream for Draghi as with no Germany, he's free to go full-retard...but ECB credibility will be long gone.
gold and silver flat..
makes sense..
http://www.24hgold.com//english/gold_silver_prices_charts.aspx?money=EUR
Are you looking at Gold / Silver priced in Euro?
The EU QE will help the NWO nation-state citizens of the United Statesof America go to community colleges for free.
Bitchez.
How Gold doesn't Just Double in price today is beyond me !!!!
Just double your stash
And let them keep the trash
Seasmoke
How Gold doesn't Just Double in price today is beyond me !!!!
1 Trillion is at best 10% of what the CB's have already printed over the last few years.
You have to put it in perspective.
One more test of bottom and then it will zig zag up prob starting latter this year.
JMHO
"How Gold doesn't Just Double in price today is beyond me !!!!"
Chris Powell, GATA secretary, explains the Western Central Banksters' Gold Price Suppression game.
GATA is running low on funds. How about showing a little support by making a donation?
=====
Tuesday, January 20, 2015
Dear Friend of GATA and Gold:
Your secretary/treasurer, interviewed today by GoldSeek Radio's Chris Waltzek, discussed the German Bundesbank's half-hearted repatration of Germany's gold reserves, the longstanding Western central bank policy of gold price suppression as extensively documented in government archives, the many attempts to dismiss GATA as a proponent of "conspiracy theory" when secret meetings of government agencies to develop and implement secret interventions in markets actually constitute "conspiracy fact," the possibility that collapse of the current gold price suppression scheme may lead not to the liberation of markets but to more of what even central bankers call "financial represssion," and GATA's serious need for financial support. The interview is 41 minutes long and can be heard at GoldSeek Radio here:
http://radio.goldseek.com/nuggets.php
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
$60B / month
... when the moon hits your eye like a big pizza pie that was Draghi ... and his QE ...
QE_UNTIL_CURRENCY_DIES:
ECB - QE
Japan - QE
USA - QE
GOTO QE_UNTIL_CURRENCY_DIES
Well if they can't get gas from Russia at least they will get paper money from Draghi to burn.
The great news is. Pretty soon. I will no longer have to figure out how many USD = 60 BillionEUR. It will be 1=1.
If Yellen doesn't fire up the printing presses soon, expect .85:1 by summer
Let me translate....we have no idea how the economy works...so we are going to print money
€60 billion a month, take that you European peasants.
>>take that you European peasants
Its okay, oil is going to start to spike soon and "Same as it ever was."
USA's QE 4 will be $170 billion/month coming up next.
At 845 he basically says they have been unsuccessful at creating the target inflation needed to "shrink" debt ratios.
Fucking Bloomberg glove puppets talking bollocks over the top of the presser. Idiots.
Warming up in the bullpen. Mr. Janet Yellen.
aka captain kangaroo
+1000
Just need Mr. Greenjeans to stagger through the room. Where's Boehner?
Janeeettt Yellen......What a hitter.
never bet against MOAR
"Due to the weaking US economy we will have to reinstate asset purchases at $170 billion/month."
Coming announcement by Janet Yellen and the Federal Reserve.
*MERKEL SAYS DEBT CRISIS 'MORE OR LESS UNDER CONTROL
LMAO
this is actually correct - more of the socialist cryptic speak - Merkel is referring to German debt, not european
and this is why Merkel also said;
*MERKEL SAYS ECB IS MAKING AN INDEPENDENT DECISION TODAY
If you replace "German" with "Goldman" (or any other major bank) then it becomes more accurate :)
Though German folks appear to be fine bailing out the Greeks... I wonder for how long though? And it's not just Greece that's having major problems...
So...problem solved, right?
/sarc
We knew he had it in him!
WOOHOO
did he just fart ?
did he just fart ?
Yes indeed he just did.
And the monetary action is the equivalent of smelling your own and quickly moving away from it!
Dear God...so now the only information that makes markets function is who the fuck is printing more money to inject into bad economies? I"m no financial genius, but this in itself is a sign we've reached the end. Obama's Free Shit Army Pep Talk, everything phony statistics, I just don't understand the bond markets.....and certainly haven't a clue how all of the Credit Default Swapping and shit works....all I know is this is getting really weird.
Again, that is the plan. Theft through confusion and out in the open, large scale fraud.