“It’s official: the Bank of England and the European Central Bank announced a policy of guaranteed counterfeiting on a permanent basis. They will keep short-term interest rates low for years. They did not say for how many years. The promise of unlimited counterfeiting pushed up European stock markets. This joint announcement makes it clear that Europe’s central banks have no exit policy, any more than the Federal Reserve does. Once a central bank adopts monetary inflation, it cannot stop without creating a recession. Europe’s central bankers have decided that they prefer risking price inflation as opposed to recession.”
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