Any ideas on what measures will be announced?
Buying government debt directly?
Buying corporate debt directly? or possibly just commercial paper?
(Two of the big three problems - government deficits, corporate defaults; the third, banking, will, I am guessing, be left to the individual countries to bail out and backstop, since they have responsibilities for regulating the banks).
Of course, they could just announce what they’ve already allowed in Ireland - the direct issue of government bonds to banks without the intermediation of the bond market.
More importantly, how long can any of these ‘shopkeeper-buying-his-own-stock’ schemes last?
“…the direct issue of government bonds to banks without the intermediation of the bond market.”
It all scientific though. Mathematical even.
Hear me out.
A minus by a minus is a plus, right?
So swap some of our worthless shite for some of their worthless shite and we’ll all make a fortune.
Doubleplus untermensch bamboozlementification.
And to make it even more incomprehensible to the average news viewer, Trichet composes it in French using impeccable Cartesian logic, fires into into an economics filter, and spews it out in press conference English.
No-one but George Lee understands an iota of it. And even George is gone.