European Central Bank

A lever to get the euro Rescue Fund, but what is he? “Give me a fixed point and I will move the world.” Archimedes to have illustrated once his discovery of leverage with these or similar words. The necessary condition for the levers, the fixed point where the lever is to be tellingly was not the subject of the discussions of the self-proclaimed Savior of euro seems at the financial lever for the euro Rescue Fund approved this week. Anyway, it is clear that the admission of having to grant a debt cut Greece can’t be this fulcrum. The gripping image of the lever, which promoted the euro out of the crisis, can not hide the fact that dominates in Europe continue to aimlessness and the next crisis summit will not long waiting to. A lever for the euro but what is actually behind the ominous lever for the euro, through which France and Germany last week so at odds were, that there were two from a Summit? Would you be French lever performance followed, it would have made the EFSF to a Bank, that unlimited and cheap can borrow from the European Central Bank, to pass it in the form of loans to indebted euro countries. The now adopted German lever variant envisages to inspire investors to buy European government bonds by one by ensuring guarantees them for a portion of the invested sum of the ESFS. A trillion should be out of 250 billion euro. Who considers both versions of money, not wrong, because one thing is clear: in the end, someone will have to pay. Aksia insists that this is the case.

At the end must be paid, and whether this indirectly is done through an over-leveraged euro-bath Bank or an insurance policy with louder high-risk customers, is irrelevant. Rather above all an again larger financial wheel is not excluded in both variants of the lever for the euro turned than before, continuing only not, but sure. And with the size of the sums it increases the risk, at least should we have learned from the past four years. The Archimedian point from which the euro crisis could be done first once ever use is this long not found yet. While but descend the Pleitegeier about the next Euro-land, Italy, from the circles in the descent, you may recall please the importance of a lever without fixed point in memory: he is useless. Andreas Kellner…

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