29 Feb 2012

29th February : The Second ECB Bank Bonaza - for who?

You can't say I didn't tell you. I've been harping on about the scandal of Mario Draghi (head of the European Central Bank - and ex-european director of Goldman Sachs) printing hundreds of billions of cheap money for his banker friends for two months - following the 489 billion that he handed out on the 21st December.

Today is the second of these bank bonanza days that Draghi has organized. In France it gets a mention in Le Monde, as well as in a few websites for investors such as Credaxis and Challanges. There's a bit in the Irish Times, and another mention in an Australian Investors website.  But nothing in the Guardian at all, and the rest of the press seems silent apart from the Financial Times. And who has been talking about how the money could be used?  Has anyone else been mentioning  paragraph 2 of article 123 of the Lisbon  Treaty which allows the BCE to lend to "publicly-owned credit institutions"? Has anyone else proposed that instead of lending €500 billion to banks (a number mentioned as a possibility by the Financial times), some of that money could be lent to the Greek government so that they could pay the same interest rates that the BCE offers commercial banks, rather than the 25.91% currently charged by the markets?

This is so depressing. It appears that the media are almost completely silent about what I predict will be  the biggest handover of taxpayers money to the banks in history - organized by Goldman Sachs.

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