Tag Archives: You Can Bank On It: Draghi Sides With The Heel-Digging Gangsters

John Ward – You Can Bank On It: Draghi Sides With The Heel-Digging Gangsters – 14 January 2014

draghirajoytitleCapital/Liquidity ratios of 3% emerge triumphantFurther to this morning’s post (things do seem to be speeding up at last) you may recall I mentioned how the ECB thought that ‘a strict definition of bad debt could threaten banks in countries hit hardest by Europe’s debt crisis’. Just to enlarge on this a little, bad debt of the kind we’re talking about is rancid bordering on toxic: it ain’t never going to get paid back, and everyone knows this to be the case. What we’re witnessing here is Mario Draghi doing his Orwellian Ministry of Truth shtick, whereby something with blue paint on it marked Unfit for Human Consumption will be regraded as Quite Possibly Alright. Continue reading