ECB allows Irish Central Bank to print 51billion Euros out of thin air
Ireland central bank counterfeited 51 billion Euros out of thin air. The amount is not backed by government bonds. Nor was it a loan from the ECB or anyone else. The money is counterfeit in every sense of the word.
Please consider the facts as depicted in Central Bank steps up its cash support to Irish banks financed by institution printing own money.
The Irish Independent learnt last night that the Central Bank of Ireland is financing €51bn of an emergency loan programme by printing its own money.
The figures also provide the latest evidence that responsibility for funding Ireland’s broken banks is being pushed increasingly back on to Irish taxpayers. The loans are recorded by the Irish Central Bank under the heading “other assets”.
A spokesman for the ECB said the Irish Central Bank is itself creating the money it is lending to banks, not borrowing cash from the ECB to fund the payments. The ECB spokesman said the Irish Central Bank can create its own funds if it deems it appropriate, as long as the ECB is notified.
Other Assets? What Other Assets?
It’s OK to print money as long as the ECB is notified?! Excuse me, but this is in direct violation of every EU treaty. Besides, counterfeiting is a crime everywhere.
There are no “other assets” in play. The bookkeeping is fictitious. This printing is not backed by bonds. No one in their right mind would buy such bonds. The Irish Central Bank simply counterfeited 51 Billion Euros out of thin air and distributed the money to Irish banks.
Currently, there is talk about the need to expand the size of the €440bn bail-out fund. This little exercise has me wondering, “why expand anything?” Let’s solve the problem by letting Greece print Euros, Italy print Euros, Spain print Euros, Portugal print Euros, and Belgium print Euros.
As long as you are counterfeiting, and as long as the ECB doesn’t mind, why not have every country print enough Euros to pay back all European sovereign debt? Every country can be debt free in seconds.
I hope everyone understands the sarcasm. This is an amazingly slippery slope and I am surprised Germany is not screaming bloody murder over it.
unreal..this is where we are at now..if you dont have the money you just print it..they learned well from the fed..this does come back to haunt you..you cant do it..it does backfire..