Friday, November 18, 2011
European Central Bank
The Spanish are advocating that the ECB buy its bonds. The head of the ECB says no way. He is worried about the wrong problem while Rome burns. The New York Times DOES NOT CONTRIBUTE TO ECONOMIC UNDERSTANDING WHEN IT keeps using the phrase "printing money" when referring to the ECB. Central Banks do not do anything ordinary commercial banks do everyday--i.e. credit the accounts of borrowers when they make a loan. Will the ECB create world-wide financial and social ruin by clinging to ancient symbols? I'm afraid it has happened before!