Potatoe Inflation

[Gnam]

According to the article below, in mid-January the Irish Central Bank printed 51 Billion euros on its own, then lent the money to commercial banks.

http://www.independent.ie/business/irish/central-bank-steps-up-its-cash-support-to-irish-banks-financed-by-institution-printing-own-money-2497212.html

Another article 10 days later mentions the loan, but not the source of the funds:

http://www.bloomberg.com/news/2011-01-28/irish-give-51-billion-more-reasons-to-avoid-bonds-euro-credit.html

I don't know nothin' 'bout no finance, but what's weird is there's almost no news coverage about a troubled European Union member printing Billions on its own. I would think if California started printing $20 bills it might make the papers.

Makes me think it's an internet hoax or I misunderstood something. :confused:

[Ankf00]

structural failure of the eurozone. the ECB can drive policy, but can't command national central banks serving their own interests

[stroker]

Holy Crap, wait'll the other members figure THAT trick out...

Where's my Popcorn smilie...?

[Indy]

The "No Reservations" featuring Ireland was on yesterday. It was filmed some time ago, and it was basically an advertisement for the "new" Ireland. The skyline of Dublin was a collection of construction cranes building new skyscrapers. Certainly not the Ireland I remember.

How is it that all the banks simultaneously ignored market forces?

[cameraman]

I'm sure you would get some choice remarks about it if you were hanging out with Angela Merkel but there really isn't anything secret or even surprising about it. The Irish are working within the rules of the system which is why the story isn't on the cover of The Economist.

[Methanolandbrats]

http://cache.blippitt.com/wp-content/uploads/2010/03/dan-quayle.jpg

[Opposite Lock]

http://cache.blippitt.com/wp-content/uploads/2010/03/dan-quayle.jpg

:laugh: First thing I thought of when I saw the thread title. :thumbup:

[Gnam]

http://img15.imageshack.us/img15/9651/potatoesx.gif

[Napoleon]

I don't know nothin' 'bout no finance, but what's weird is there's almost no news coverage about a troubled European Union member printing Billions on its own. I would think if California started printing $20 bills it might make the papers.

Makes me think it's an internet hoax or I misunderstood something. :confused:

This story has to be BS. A huge part of the problem in Europe is that the countries are not coincidental with a currency area (they do not control there own currency, ie, they can not legally print money) which was what critics of the plan to go to the Euro, including then British Chancellor of the Exchequer Gordan Brown, said was a huge problem with the Euro.

I e-mailed the story to someone I won't name, but he does have a Nobel prize, use to work with Ben Bernanke and I an sure has his home phone number and wrote a long story that appeared a week or two ago in the New York Times Magazine all about the Euro. Let's see if he responds or does a blog post on it.

[TrueBrit]

http://img15.imageshack.us/img15/9651/potatoesx.gif


:rofl::laugh::rofl:

[SurfaceUnits]

The ECB prints the Euro http://www.marketoracle.co.uk/Article19480.html

whereas China prints the Amero



http://breakingnewsdir.com/paul-krugman-why-the-euro-could-be-doomed-145258.html