tag:blogger.com,1999:blog-3758330678390419129.post2103295065400689227..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: European Central Bank Has Massive PIIGS ExposureRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-3758330678390419129.post-91468639396450133632011-06-07T17:15:17.288-04:002011-06-07T17:15:17.288-04:00John Galt- thanks for posting that quote. I've...John Galt- thanks for posting that quote. I've been pondering it today, and the implications.<br /><br />Not a pretty scenario. Eschalatogical actually.Richard Dale Fitzgeraldhttps://www.blogger.com/profile/05223505358122633852noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-38634688086919216032011-06-07T11:08:28.671-04:002011-06-07T11:08:28.671-04:00Looks like the ECB is only rolling between $60-$75...Looks like the ECB is only rolling between $60-$75 in liquidity draining in the weekly FTDs.<br /><br />http://www.ecb.int/mopo/implement/omo/html/top_history.en.html<br /><br />@Allen: it might be the other way around :->Bob Englishhttps://www.blogger.com/profile/14790005723107501043noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-62752154429933498552011-06-07T10:29:39.712-04:002011-06-07T10:29:39.712-04:00There are those who say that Libertarians/Austria...There are those who say that Libertarians/Austrians/Paleo-Conservatives/ Whatever have no religious sensibilities.<br /><br />This is not so. We have a Mantra.<br /><br />The Crackup Boom Prayer ... (Der Katastrophenhausseandacht)<br /><br />It is this:<br /><br />"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether John Galtnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-16389118539064834802011-06-07T10:27:00.169-04:002011-06-07T10:27:00.169-04:00Even if the term deposits have to be rolled over, ...Even if the term deposits have to be rolled over, isn't that merely a formality? Aren't the member banks pretty much obligated to do whatever the central bank tells them to do?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-88627529382122429282011-06-07T09:31:00.182-04:002011-06-07T09:31:00.182-04:00Slight typo, the ECB has a total exposure of 1.9 t...Slight typo, the ECB has a total exposure of 1.9 trillion to Euro zone countries, 444 billion of which is PIIGS exposure.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-75560991574287815392011-06-07T09:29:16.462-04:002011-06-07T09:29:16.462-04:00My understanding is the ECB conducted Fixed Term D...My understanding is the ECB conducted Fixed Term Deposits (similar to the Fed's largely unused Term Deposit Facility) to sterilize the sovereign bond purchases. I don't know if they have continued to be rolled over, however.Bob Englishhttps://www.blogger.com/profile/14790005723107501043noreply@blogger.com