"[un]Like other central banks the E[S]CB is [not] threatened with the end of its control over the creation of [base] money."
Because, unlike some other CBs, they are able to mobilise their Number One Asset, to soak up any problems (or purchase more of it, to expand liquidity).
Because, unlike some other CBs, they are able to mobilise their Number One Asset, to soak up any problems (or purchase more of it, to expand liquidity).
Still, at least they also "have some gold" (that they are not allowed to mobilise, and which are just claim certificates relating to the Treasury's gold… denominated at the wayback price of $42/oz).
IOW: "pure fiction" & "as useful in a hyperinflation as a chocolate condom"
IOW: "pure fiction" & "as useful in a hyperinflation as a chocolate condom"
So, that's:
Fed: ~$11b of "gold", that is can't actually mobilise, it will require outside assistance from the Treasury.
ESCB: ~€380b of GOLD, that it can mobilise (or add to) in a heartbeat.
Fed: ~$11b of "gold", that is can't actually mobilise, it will require outside assistance from the Treasury.
ESCB: ~€380b of GOLD, that it can mobilise (or add to) in a heartbeat.
Yet the world is impatiently waiting for the implosion of the Eurosystem, from the safety of hiding within the Dollarsystem.
#WeWatch…
#WeWatch…
