Wednesday, December 28, 2011

ECB worth nothing but 2,730,000,000,000 worthless euros. Is this a record for nothingness?

The ECB’s balance sheet soared to a record 2.73 trillion euros ($3.55 trillion) after it lent financial institutions more money last week in an attempt to keep credit flowing to the economy during the debt crisis. Bloomberg

Link to report.

If pounds, dollars and yen are supposedly worth a certain number of euros, can they then be worth anything too? Presumably the answer to that is - only what they are worth after you discount any euros they hold to their real value! Is that what Europe's banks have grasped? (See this blog's earlier questions posted today!)



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