Memo To Draghi: We, The People, "Don't Trust You One Inch"
It was early February when we called out Mario Draghi for his blatant lies regarding the stigmatizing effect that the LTRO program would have on European banks. Now, two months later, even the members of the European Parliament are openly questioning their belief in the sociopath ECB chief. After laying out the apparent reasons for the LTRO scheme (at a recent European Parliament hearing) to keep banks well-funded, Godfrey Bloom (MEP) describes the implicit reason - or so-called reach-around (sic.) Sarkozy-carry trade to fund governments circumventing Maastricht and article 104 of the ECB's Treaty - explaining the simple math means surely LTRO3 is inevitable and soon; as Spain (and Italy tomorrow remember) hits the wall with its issuance as banks are unable to serve their masters. Seeing right through this plan, the Yorkshire-man sums up his feelings towards mad-Mario right in line with our own: "I don't trust you one inch!" noting that Draghi's comments on 'buying time' means hours or days not months.