Printing Money Is Good For Growth?

Edward Hugh is back at http://www.economonitor.com/edwardhugh/2012/10/22/taking-a-man-at-his-word/


--> Waiting For The Bailout That Never Comes

--> Deactivating the alarm system, not defusing the bomb.

From Hugh's text:

Prior to this I can almost imagine the tenor of the conversations which have been taking place. “Look Angela, cariño, you must have read your  Margaret Thatcher. I don’t actually pay these blasted interest costs out of my own pocket, you understand. They are supportable, at least for the time being. We are in no rush.” Nervousness can only have been growing at the other end. The nearer we get to the German elections before the bailout comes, and the more deteriorated the Spanish economy at that point, the worse the headache for the CDU.

Arguably Mario Draghi’s verbal intervention in the Bond markets has been almost too succesful. He has brought down interest rates without actually doing anything. Probably this is one of the most successful interventions of its kind in recent history.

But the result is that Spain is in no hurry to receive yet another Memorandum of Understanding, not to mention Italy where there is absolutely no interest at all. So we all finally got a free lunch, didn’t we?

Well no, not exactly.  The ECB is now committing the worst of all sins (according to the version of biblical law to be found in the EU treaty) and helping monetise Spain debt.

See more at: http://www.economonitor.com/edwardhugh/2012/10/22/taking-a-man-at-his-word/#sthash.aSW0RswS.dpuf

...........................................................................................................

The Spanish banks need € 53,745,000,000,-.

The little man, on the run and reading, says to himself: "Geez, and me with hair like that."
The meaning is the zero status of modern man.
The drawing is by Antonio Forges at El País  http://elpais.com/autor/antonio_fraguas_forges/a/  



Added January 30, 2016
FORGES has just received the Doctor honoris causa from the University of Alcalá.
............................................................................................................


One of the largest  banks headed by the most prestigious people introduced themselves to the public with this ad:

Aren't these types a tad fishy? 
Yikes, the one on the right, where it says compromiso :-D which in Spanish happens to mean engagement, loyalty.

.

.