The Phaserl


The Ticking €34 Trillion Timebomb

by Graham Summers, Gains Pains & Capital:

The Wall Street Journal ran an interesting article yesterday. It was about the ECB’s Outright Monetary Transactions or OMT program… the “unlimited” bond buying program the ECB announced last September and which supposedly “ended” the EU Crisis.

Here’s the key section from the article:

The positive effects of the Outright Monetary Transactions, or OMT, program are “already visible,” Joerg Asmussen, a member of the ECB’s governing board, said in testimony before Germany’s Constitutional Court. He added that the program is not aimed at replacing the market, rather to address aberrations, and is limited in scope.

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