John Ward – Euroblown: Peter Praet Robs Himself To Pay Debt Haul – 13 November 2013

praetitleEuro-QE this way comes

As I’m sure many of you have already seen, the Euro slumped against Sterling during the last 24 hours, and we now have a Pound that buys almost €1.2. This is some distance below the 2001 SP, which was around €1.48. But it’s a lot better than €1.06 which we were at 18 months ago.

The reason is that earlier today, the Wall Street Journal reported a senior European Central Bankite hinting at more QE. And even though the official rejected concerns that the central bank is running out of tools aaaahahahahaha, like it or not the bloke –  ECB executive board member Peter Praet – did say this:

“If our mandate is at risk we are going to take all the measures that we think we should take to fulfill that mandate. That’s a very clear signal”.

As we’re still in the aftermath of Mario’s “whatever it takes”, analysts not surprisingly took this next part of Peter’s monologue to heart:

The balance-sheet capacity of the central bank can also be used. This includes outright purchases that any central bank can do.”

Call me wacky, but that has a strongly deja vu predictive ring of QE about it.

The next step for amused observers of this farrago is how the Bankfurt Weidemanns respond to yet more money-printing – see yesterday’s Slogpost re this one.

But I maintain as ever that this whole eurozone deflation thing is a scam. Increasingly, my view is that we are going to get deflation of wages and Sovereign services alongside inflation of taxes, food and rent.

What’s the point and is there a game plan? I’ve no idea any more, but I think there are two complementary tendencies: élite headless self-preservation, and élite psychopathy designed to produce Western slave labour that will do everything from being the butler or the kitchen maid to working 11 hour days at making cheap stuff to sell to other countries who are, in turn, trying to do the same thing.

It’s bonkers if only because those drones will not have the money to consume anything. But it is, as ever, the hubris of the high IQ….those whose self absorption is so total, it contains zero common sense. / link to original article


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