Wednesday, November 21, 2012

November 21, 2012

Yeah, that about sums it up:
Let's clear this up again. The ECB is going to buy bonds of bankrupt banks just so that the banks can buy more bonds from bankrupt governments. Meanwhile, just to prop this up the ESM will borrow money from bankrupt governments to buy the very bonds of those bankrupt governments.
Another interesting tidbit from the report: the demographics are so bad in Japan that they actually have adult diaper fashion shows.