“Jens Weidmann said that efforts by central banks to pump money into the economy reminded him of the scene in Faust, when the devil Mephistopheles, ‘disguised as a fool’, convinces an emperor to issue large amounts of paper money. In Goethe’s classic, the money printing solves the kingdom’s financial problems but the tale ends badly with rampant inflation. Without specifically mentioning Mario Draghi’s bond-buying programme, he said: ‘If a central bank can potentially create unlimited money from nothing, how can it ensure that money is sufficiently scarce to retain its value?'”
Related posts:
Man Found Innocent After 20 Years in Prison, But Sent Back Anyway
Ron Paul on the Lack of a Difference Between Obama And Romney
Palestinians can now order Kentucky Fried Chicken via tunnel to Egypt
Policy battle rages in China as slowdown feeds 'sense of crisis'
Postal Service bans images of marijuana on stamps
Clinton aide: 1998 Iraq bombing was impeachment distraction [2016]
Bitcoins made simple: Go to an ATM
Barbados Debt Higher Than Cyprus Prompts Firing of 3,000
New IRIS telescope sends stunning images of sun to befuddled scientists
Former Sheriff Speaks Out Against Federal Gun Laws
Appenzell Innerhoden enjoys 'pure democracy'
Who killed Bobby Kennedy? His son RFK Jr. doesn’t believe it was Sirhan Sirhan.
Report: U.S. middle class has 'worst decade in modern history'
Lawyer for Assange detained at Heathrow and told she was on a 'secret watch list'
Relaxed One-child Policy Intensifies China Midwife Shortage