Super Mario Draghi says 'ball is now in the banks' court,' as he prints over 1 Trillion Euros
Welcome to Capital Account. It's another "D-Day" for Greece. Seriously? How can you have so many d-day's when you've supposedly already won the war like 2 years ago? Meanwhile, the president of the ECB "Super" Mario Draghi is defending the ECB's trash to cash program today, otherwise known as 3-year LTRO. Really Draghi? Because your former colleague at the ECB is out saying that the central bank's balance sheet is gigantic and the quality is alarming. We'll decode more of this eurozone news during our interview with founder of Credit Writedowns, Edward Harrison.
And the gold rush continues…at least the rush to account for all the gold. We told you german lawmakers are auditing the central bank's gold. Now, reportedly, members of parliament in switzerland want the swiss people to be able to vote to keep the country's gold physically in the country and forbid the central bank from selling any more of its reserves. Why? Could it be because gold is the "nuclear option" in the currency wars?
And speaking of China and the rest of the BRICS, they want alternatives to the US dollar besides the euro as a way to conduct trade and to make investments. Aiming to move that along and internationalize its currency, China reportedly is planning extended renminbi loans to other BRICS nations. Other countries in the developing currency block are planning to do the same. We'll talk about what this means with our guest Edward Harrison during the show.
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