Bank of England Governor Mervyn King tonight announced two new stimulus/easing packages to be implemented by the central bank, and stated that “I want to make it clear that the Bank, through its discount window and other facilities, will provide banks with whatever liquidity they require given the prospect of turbulence ahead.”
King also announced a new lending facility called the Extended Collateral Term Repo Facility.
Massive fears of contagion? Check.
New loan facilities with incomprehensible (to the Average Joe) names and acronyms? Check.
This is starting to feel like 2008 again.
QE to Infinity…AND BEYOND!!!
The Bank of England will launch two new stimulus packages in response to the worsening economic outlook, governor Sir Mervyn King has said.
Together with the government, it will provide billions of pounds of cheap credit to banks to lend to companies.
It will also offer banks access to short-term money to deal with “exceptional market stresses”.
Chancellor George Osborne said the measures would “inject confidence” into the financial system.
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These guys are gonna ruin the planet. Dooshhh.
“…gonna ruin the planet.”?????????? That’s already been accomplished.
Global hyperinflation – here we come!
Insanity. Pure, unadulterated INSANITY.
Each and every last one of these blood-sucking leeches is earning a truly special place in Hell by their actions. At this point, it’s like.. .they know what they’re doing is only helping themselves. And WE know it’s only helping them. It’s like some colossal game of chicken, waiting to see who blinks first… and I have to think, the banksters have gotten away with it so long, they’re gonna ride it just a LITTLE too long and we’re going to see some interesting decorations on lamp posts and trees in the future.
QE to infinity…and beyond.
print, print, print!
the problem is that the paper will be much more expensive than the freshly printed bills
Place in hell. Yes indeed.
Bluster, that’s all it is. The Banksters are in full control and THEY know it. This is what I was thinking about during the long drive home from work:
Should the SYRIZA party, which has promised to tear up the country’s bailout deal with the EU and IMF, score a decisive victory on Sunday, ir is the beginning of the end of the euro.
And it occured to me how on ‘blog-land,’ everyone is saying how firmly The Banksters are in control…how they hold the puppet strings ot the politicians…and that it is actually the banksters who are running the show, so to speak.
And it also occured to me that – if this is true – then the SYRIZA party will not win the Greek election because the winner has already been chosen by said banksters.
So, in my small mind, if the SYRIZA party loses this election it is proof that The Banksters are indeed in control.
Vary good thought Mammoth
Mammoth
Could be….Also could be that things are so hectic even they (the banksters) have lost control.
Mammoth,
I think you might be chasing your tail in thinking on this (I can’t scrub the image of a Mammoth doing a dog-tail-chase <grin> )
I certainly don’t think the bankers and oligarchy in general feel they have total control. Why would they be freaking out with the construction of a police state in many nations over the last couple of decades? ….moving at a fast clip in the US over the last ten years for sure. It’s because they know damn well that it only takes just “enough pain” to send the masses into a frenzy. Across the arc of history, it’s been common to see revolutions and/or great social turmoil when income and wealth inequality reaches levels we currently see today.
The oligarchy is indeed VERY powerful. But they’re still human. They screw-up. They over-play their hands. Hubris plays a role, along with the fact that controlling everything in big systems from a systems-theory point of view is basically impossible.
Look into the eyes of one of these jerks – David Rockefeller. He’s just a man, an old fart at that who will not be on this Earth much longer given his advanced age.
The only thing that keeps me sane in our insane world is that I know the
masses outnumber these masters of the universe to such an extent that
indomitable human spirit may just have the last laugh. Besides, I, for
one, will never go down on my knees – and metaphorically, I’d suggest we
never let “them” convince us “they” have the ability to control
everything, for that is analogous to going down on our knees. F*ck’em!
You’re a stacker because you know that despite all efforts, the fiat
system is going to go down at some point. Right? There’s not much
difference between looking at the fiat system example and any other
arena of our social systems. The oligarchs want everyone to think
oligarchical power to keep the prices of silver and gold down will never
fail. We know better.
There’s an organic upwelling of sentiment teetering on revolt in Greece
and the bankers know damn well they are not fully in control. Contagion
may very well spread from the capital markets to the streets. Odds are, some form of middle-of-the-road can kicking will happen rather than total revolution (it also happens to be a veritable social system “law” that the general public tends not to like total revolutions either). But don’t for a second think these oligarchs have that situation under total control. Nothing could be further from the truth.
I disagree MAMMOTH extreme greed and control are not good bedfellows they will screw each other till their game is destroyed. The inevitable consequence of the mental illness they suffer…
Of course they will, out of the proverbial thin air or cyber space for that matter, because that is certainly all they’re good for.
I think they have things just where they want them. Sure they must disagree, but they each know that without their group they are nothing and would be crushed by the others. I believe it is propaganda that they have internal disagreements. Almost everything is propaganda.
Funny how da boyz at ZH haven’t reported on this story out of BOE at this crucial moment when some big shit has hit the fan! Those guys have a subtle agenda.
Wow their euphamsim for printin’ is a long one! Extended Collateral Term Repo Facility. So that’s ECTRF? Sounds like a fluid a ghost would leave behind.
This Was Published As “Wrap-up 2″ On Reuters
WRAPUP 2-Central banks prepare for turmoil after Greek vote
Fri Jun 15, 2012 9:37am EDT
* Central banks ready to combat Greek market storm
* ECB hints at rate cut
* Britain to flood system with cash
* Greek leftist says bailout deal will be dead by Monday
By Eva Kuehnen and Sven Egenter
FRANKFURT/LONDON, June 15 (Reuters) – Central banks from
Tokyo to London checked their ammunition on Friday in
preparation for any turmoil from Greece’s election, with the
European Central Bank hinting at an interest rate cut and
Britain set to open its coffers.
German Chancellor Angela Merkel criticised France’s economic
performance, effectively taking a swipe at Socialist President
Francois Hollande who has called for more emphasis on economic
growth and less on budget austerity.
The feeling of crisis was real. “We must do everything possible to prevent the euro zone from falling apart,” Dutch Prime Minister Mark Rutte said on television.
ECB President Mario Draghi, one of many policymakers gearing up for trouble after Sunday’s vote in Greece, said his bank was ready to step in and fund any viable euro zone bank that gets in trouble.
He painted a picture of a deteriorating euro zone economy
with no inflation danger – conditions for monetary easing.
“There are serious downside risks here,” Draghi told the
annual ECB Watchers conference in Frankfurt, two days before the
vote that could set Athens on a path out of the euro zone and
stoke turmoil in financial markets.
“This risk has to do mostly with the heightened
uncertainty.”
It was an echo of strong pledges from the Swiss National
Bank on Thursday that it would do what it takes to protect the
franc from soaring.
The Bank of England followed up on Thursday’s joint
announcement with the government of a 100 billion pound ($155
billion) offer of loans to banks by saying it will start next
week with a charge of just 0.75 percent.
Depending on the depth of any turmoil, an emergency meeting
of ministers from the Group of Seven developed nations could be
held on Monday or Tuesday during the summit in Los Cabos,
Mexico, sources said.
The focal point for all is Sunday’s repeat general election
in Greece, a knife-edge race that could be won by parties vowing
to tear up the harsh economic terms that the European Union and
International Monetary Fund imposed as conditions of a bailout
for the near-bankrupt state.
Such
an outcome could drive Greece into default and possibly out of the euro
zone, a prospect that could undermine faith in the currency bloc and add
to pressure on the finances of bigger economies such as Italy and Spain.
Madrid’s borrowing costs rose above 7 percent on Thursday, a
level that is widely considered unsustainable.
“At best, we are going to have a situation that is extremely
serious on Monday,” Swedish Finance Minister Anders Borg told
journalists. “In all likelihood, whatever the outcome, we are
going to have a government which is going to find it hard to
live up to the agreements they (the Greeks) have signed up to.”
WORSENING OUTLOOK
Draghi said the ECB was ready to provide money to solvent
banks if they needed it, a clear plan to avoid the kind of
credit crunch that occurred during the Lehman Brother crisis in
2008.
“The ECB has the crucial role of providing liquidity to
sound bank counterparties in return for adequate collateral.
STAND-OFF IN ATHENS
In Athens, the election was seen as too close to call.
Alexis Tsipras, leader of the main anti-bailout leftist
party SYRIZA, said on Thursday the deal with Greece’s
international lenders, which has helped push the economy into a
depression, would not last beyond the weekend.
“The memorandum of bankruptcy will belong to the past on
Monday,” Tsipras, who has rapidly emerged from fringe politics
to challenge the mainstream for power, told his last campaign
rally in Athens.
European leaders, however, have warned that Greece will get
no help if it reneges.
French President Francois Hollande warned Greek voters about
seeking what Tsipras has promised – a future in the euro while
ditching the 130-billion-euro ($160 billion) bailout deal sealed
earlier this year and its demands for punishing austerity
policies.
Hollande said on Greek TV that he wanted the country to stay
in the euro, rather than reviving its drachma currency. READ MORE
Together with the government, it will provide billions of pounds of cheap credit to banks to lend to companies.
Who the hell is he kidding, the only people that will see that money will be the BANKS, PERIOD
Bunch of Banksters
You loan to me and I’ll loan to you and the goverment will keep us supplied.