No, no, not the ECB's.
The "currency speculators" - cough - BANKS that were shorting the hell out of the Euro.
Let's see if I can figure out what's happened here.
Rinse and repeat until you have all the money.
Naw, it wouldn't be that simple, would it? Why of course it would.
See, lending someone money when they're bankrupt can't possibly make them not-bankrupt. It can only make them more-bankrupt. As a consequence the ECB's action is self-destructive and doomed to fail, and as a consequence there is no reason for these banks to back off at all! Indeed, quite to the contrary - they have (correctly) deduced that they can make billion in bonuses by shorting their own currency to destruction, forcing ever-larger "interventions" by the ECB!
If you've ever seen a meth addict goose himself with his drug of choice to the point where his teeth literally fall out, you know how this story ends.
The only winning play is to refuse to play at all, and force the bankrupt to recognize their insolvency and reorganize their debts. That's it. Attempting to paper over insolvency never works, and the market has now deduced this, as I expected - although I didn't think it would happen quite this quickly.
"All in" by the ECB drew not a "ok, ok your pot!" response, but rather one loud voice in response: CALL!
Bonne chance Nicolas.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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