PHASE 1, GREECE, PHASE 2, EUROPE!!

    So you thought that once the financial Mafia and plundered and raped Greece, we would be all sorted out and growth would come galloping to the rescue and return us all to everlasting prosperity. Well it seems it is not going to quite work out like that. Just as the “financial crisis” of 2008 slips into the fog of short memories along comes the rumblings of another wee problem with the financial sector, Oh dear will prosperity be delay? Well of course it will for you and I, but not for the unimaginably rich financial parasites that live off our backs, after all, this is capitalism.

 

This from The New Statesman:

 

The finance sector is signalling alarm, and our politicians are once again asleep at the wheel. Another "credit crunch" may be looming. The most significant evidence emerged from the ECB's second Long Term Refinancing Operation (LTRO) on Thursday last week.

The LTRO is simply language intended to disguise the "printing of money" by the ECB for lending to private European banks at a very low rate of interest - 1 per cent. (In fact, the money is not even printed: it is created by entering digits into an ECB computer, and then transferring hundreds of billions of euros as 'bank money' to private banks.)

The fact that British banks rushed to drink from this punch bowl, tells you something about the state of their balance sheets.

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