Après les 200 milliards nets du mois de décembre prêtés aux banques à 1%, sur 3 ans, la BCE s'apprête à refaire la même chose le mois prochain... On parle de 1000 ou 1500 milliards...
Je vous mets l'analyse de Mish...
C'est avant tout un bailout des banques, à partir d'argent des impôts, alors que les intérêts de la dette publique vont aller se déverser dans des bilans bancaires dont le passif est fourni à 1% (voire 0,75%) par la BCE...
Du parfait Draghi. Je n'en attendais pas moins de ce gusse issu de Goldman Sachs. Il est comme attendu, au seul service de la mafia bancaire, et entièrement engagé dans le sauvetage de la fausse épargne et la traite des jeunes... Encore pire qu'aux USA, où chez eux, au moins, la FED achète quasi en direct la dette US, sans que les banques se servent un spread de 5% à 10% dessus (5% de spread sur 1000 milliards d'euros, ça fait 50 milliards par an)...
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You Ain't Seen Nothin' Yet; Another Trillion (or Two) Euro LTRO Coming Next Month
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Mish's Global Economic Trend Analysis, Mike Shedlock, 30/01/2012 (traduire en Français  )
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Last month, European banks tapped the ECB for €489bn in a long-term refinance operation dubbed LTRO. On February 29, another round of LTRO is coming up and expect banks to go for the gusto. Banks like cheap money to speculate and that is exactly what they will do.
The Financial Times reports Banks set to double crisis loans from ECB
European banks are preparing to tap the European Central Bank’s emergency funding scheme for up to twice as much as the ECB supplied in its debut €489bn auction last month, providing further evidence of the sector’s liquidity squeeze.
Several of the eurozone’s biggest banks have told the Financial Times that they could well double or triple their request for funds in the ECB’s three-year money auction on February 29.
“Banks are not going to be as shy second time round,” said the head of one eurozone bank at last week’s World Economic Forum in Davos. “We should have done more first time.”
Three bank chief executives, all of whom asked to remain anonymous, said they were planning to increase their participation twofold or threefold.
Unlimited Money for Three Years at One Percent
The ECB is offering unlimited money to banks for three years, at one percent. Banks are salivating because the first round went well.
The money is supposed to go for bank lending but it won't. Why should banks lend? They have a guaranteed profit by speculating in Spanish or Italian bonds, assuming of course Spain and Italy do not need bailouts coupled with a writedown on government debt.
However, that's quite a risk, and in my opinion Spain will need such a writedown. If so, Germany will be on the hook once again.
For a discussion about how futile this is, please see Premature Dollar Obituaries and Mainstream Economists' Monetary Insanity; Keynes-Inspired Great Depression; Lessons Not Learned
Money Supply Will Soar, Lending Won't
Don't expect the next LTRO to make it into the real economy. It won't. Rather the LTRO will fuel more bank speculation and more leverage in government bonds. Money supply will soar, lending won't and this rates to be good for gold.
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