"This funding is a cheap option to replace banks' maturing bonds with more than 500 billion due for repayment in the next two years, according to Standard & Poor's, as well to refinance existing ECB money. The lower costs would add a net 3 billion, or up to 2.5%, to annual earnings, according to Deutsche Bank..." (How the ECB Woke Up to Banks' Profits Nightmare, Wall Street Journal)
The ECB is going to roll over a half a trillion in debt for nothing???
What a complete f*cking outrage! This excerpt really explains how badly we are all getting reamed by these thoroughly-odious and despicable Central Banks. Why is the ECB providing a safety net for insolvent banks that are unable to roll over their own stinking debtpile? These malignant institutions should be dragged into the backyard and euthanized now so we can be done with them once and for all. Instead, Draghi plans to provide billions more in free money so they can continue to bilk the public with their toxic assets, their heinous bunko operations and their endless Ponzi swindles.
Where's the justice?
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