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Tag Archives: ecb

European Central Bank cuts interest rate to below zero

ECB

The European Central Bank lowered its deposit rate to -0.10% as the continent battles deflation after many failed monetary policy attempts. The bank said more extraordinary tools can can be used to prevent the derailment of economic recovery. The European Central Bank (ECB) cut its main refinancing rate to 0.15 percent from 0.25 percent, and the deposit rate from zero to -.10 ... Read More »

European Central Bank “models” €1 trillion in money printing

ECB European Central Bank

Update: in direct flashback from the summer of 2011 when the ECB leaked news only to retract it within minutes, this just happened: CONSTANCIO: DOESN’T KNOW ABOUT 1 TLN-EURO QE MODEL REPORT For those who have forgotten, here is the ECB playbook: leak “false” rumor, gauge market reaction, then promptly deny said rumor knowing quite well how the market will respond ... Read More »

Cyprus banks to remain closed until Thursday

Bank of Cyprus

The Cypriot finance minister has ordered all the country’s banks to remain closed until Thursday, the country’s central bank announced. Just hours before the announcement late Monday, the central bank said all but two country’s largest banks would open on Tuesday morning. The postponement could be a sign that the country’s banks are even lower on cash than they believed ... Read More »

Bank of Cyprus to cut 30% off deposits over €100,000

Cyprus banking crisis

Cypriots and foreigners wait in line to withdraw money from an ATM of a Laiki (Popular) Bank branch in the old city of the capital, Nicosia. Depositors in the Bank of Cyprus, the biggest bank on the island, will reportedly lose 30 percent on their holdings above 100,000 euros, the chairman of the Cypriot parliamentary finance committee said on Monday. ... Read More »

CNBC admits central banks rule the world

world with money

It’s a central bankers’ world, and we’re all just living in it. Entities such as the Federal Reserve and the European Central Bank in 2012 took control of global economies like never before. Based on current market and economic behavior it’s likely to be years before anything changes. After all, how can central banks take their foot off the stimulus ... Read More »

BitCoin seen through the eyes of a central banker

Bitcoin

To us, the ECB’s superficial, amusing take on BitCoin was merely a source of (Friday) humor. To others, such as Tuur Demeester, the ECB’s report on “Virtual Currency Schemes” which was merely a confused attempt to validate the Euro by bashing a prototype electronic currency that others have written far more informed articles on, has far more profound insights into central banker mentality. ... Read More »

Do western central banks have any gold left?

Bank of England gold vault

Somewhere deep in the bowels of the world’s Western central banks lie vaults holding gargantuan piles of physical gold bars… or at least that’s what they all claim. The gold bars are part of their respective foreign currency reserves, which include all the usual fiat currencies like the dollar, the pound, the yen and the euro. Collectively, the governments/central banks ... Read More »

The Fed and the ECB determine to destroy the middle class

Middle Class

While Wall Street cheers the actions by the Fed to further enlarge its already bloated Balance Sheet, those of us who live on Main Street should get accustomed to further increases in our food and energy costs. What I find rather perverse, is the statement by the FOMC that “longer term inflation expectations remain stable”. Yeah, maybe on the salaries ... Read More »

Spinning bad financial news into good – Paul Craig Roberts

unemployment numbers

Friday’s payroll jobs report says that 96,000 new jobs were created in August and that the unemployment rate (U.3) fell from 8.3% to 8.1%. As 96,000 new jobs are not enough to keep up with population growth, the decline in the U.3 unemployment rate was caused by 368,000 discouraged job seekers giving up on finding employment and dropping out of ... Read More »

Europe: the real deal

European-union

The media is rife with misrepresentations and analysis of the EU. Here’s the real deal.  1)    The ECB is tapped out. Having provided over €1 trillion in funding via LTRO 1 and LTRO 2, taking on over €700 billion in PIIGS debt putting its own solvency at risk, it simply cannot launch another LTRO scheme for the following reasons: a.    Those banks ... Read More »