Te European Central Bank is following the lead of the Federal Reserve in planning to buy up the debts of euro-zone governments. By making that move, the ECB is overstepping its legal bounds, but, hey, whatever it takes to maintain the global plutocracy.
Here’s an excerpt from The Washington Post
The European Central Bank moved decisively Thursday in announcing that it would buy the bonds of struggling governments without limit, an initiative that could save the euro zone and blunt one of the main threats menacing the global economy.
The unprecedented step, meant to reassure fearful investors that euro-zone governments would not default, sparked a rally on world stock markets. U.S. stock indices posted their largest gains in weeks, with the S&P 500 soaring 2 percent and closing at a four-year high.
By agreeing to buy government bonds when investors balk, the ECB is moving much closer to becoming a “lender of last resort,” a role traditionally played by the U.S. Federal Reserve and other central banks. The ECB was created with a narrower mandate than the Fed or Bank of England, say, and is barred by European treaties from financing individual governments.
Draghi said the new program won near-unanimous support on the ECB board, with only a single dissenting vote. Jens Weidmann, head of Germany’s central bank, has been adamantly opposed to the idea, saying in a recent interview with the news magazine Der Spiegel that the bond-buying initiative would violate the ECB’s legal mandate and was “too close to state financing via the money press for me.”