The ECB's LTRO I and II expanded its balance sheet to nearly $4 trillion. Doing it exposed the fragility of Eurozone banks and severity of Europe's banking crisis.
It also made the ECB "politically toxic." Markets punish borrowers relying on it for help. Going forward, "the two biggest market props of the last two years: the Fed and the ECB have found their hands tied. What will follow will make 2008 look like a joke."
Summers correctly predicted the housing crisis, Fannie Mae and Freddie Mac collapse, recession beginning in fall 2007, and autumn crash a year later.
Currently he sees gold reaching $2,000 an ounce, sovereign debt defaults, eventual Eurozone breakup, and crisis conditions exceeding the worst of 2008. The late Bob Chapman made similar predictions.
Stephen Lendman lives in Chicago and can be reached at Email address removed .
His new book is titled "How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War"
Visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.