Thursday, June 25, 2009
ECB Lends Record $622 Billion in Bid to Ease Crisis
It took the ECB one day to essentially do what it took the Fed months to do, which is, increase reserve balances by $600 billion.
Yet there were no cries from journalists and economists about the ECB "debasing the currency," or taxpayers being "on the hook." Where are all the screams about "printing money?"
No news organizations in Europe filed suit under the Freedom of Information Act or some similar statute, as Bloomberg LLC and others did here.
There were no cries about reigning in the ECB's power or how they were sowing the seeds of hyperinflation.
If this doesn't show you how our belief system is killing our country and how a misinformed media has run amok (THEY need to be reigned in!!), then nothing will. It's why I believe the U.S. will decline in terms of living standard relative to the rest of the world. That decline has already begun.
Read full story here.