Wednesday, November 30, 2011

Be afraid

Good news from the European Central Bank!

This action will enable the Eurosystem to provide euro to those central banks when required, as well as enabling the Eurosystem to provide liquidity operations, should they be needed, in Japanese yen, sterling, Swiss francs and Canadian dollars (in addition to the existing operations in US dollars).

So the ECB is making plans to be able to provide large amounts of other currencies from within the Eurozone system of central banks.  Why might they need to be able to do that?

Be very afraid.

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