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European Central Bank To Buy Sovereign Bonds Without Limits

September 6th, 2012

To the delight of equity markets, ECB president  Mario Draghi has announced  officially that the European Central Bank will purchase Eurozone bonds in the secondary market, with three-year maturities, theoretically without any limits. In effect, Draghi has told the world that the ECB will run its printing presses at warp speed, and conjure out of thin air whatever quantities of euros are required to combat what Draghi calls “market distortions.”

The Bundesbank opposes the move, and Germany’s traditional fear of inflationary policies by central bankers will no doubt be awakened. Draghi’s position is that he has no choice, if the euro is to be saved. His policy measure reminds me of what a U.S. Army officer once said, after his unit destroyed a village during the Vietnam War: “We had to destroy the village in order to save it.” Draghi may have unleashed a desperate policy measure which, in attempting to save the euro, will ultimately bring about its demise.






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