******* Monetary Background Alert ***********
The ECB is going to print a trillion Euros per year.
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And here's the thing: they're going to start buying corporate bonds now as well. That means the free-money paradigm just got extended from banks to businesses. Anyone can just type up some corporate bonds, give them to the ECB and get free money in return

Also they've come up with this thing called a TLTRO (Long Term Bank Lending Program) which I think is a back door bailout for Deutche bank. Means that banks can deposit at a negative interest rate (which is bad

) but borrow at an EVEN MORE NEGATIVE INTEREST RATE !!! - which is good

But then they've got to deliver on the bonds when they mature

No problem - just borrow from the ECB at the zero-interest, free money refinancing rate and buy them back

So everyone's gonna be shuffling free worthless paper around the place to keep game alive which will get the ECB their velocity back and maybe even their sacred 2% inflation rate which is what they're tasked with acheiving.
Well this guy says it's genius (I'm not sure if he means genius-genius or comedy genius).

Q. Why are they doing this ?
A. Because all the QE and low interest rate policies of the last 5 years haven't worked. The Eurozone is still spiralling down the deflationary plughole. So they obviously need to do more of what's not working cos the reason it hasn't worked is they just haven't done enough of it.
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