November 28, 2011 at 08:32 AM EST
Why the IMF thing works for the euro
As a matter of chance, the euro’s lucky stars fall in line with the latest IMF musings. Perhaps most important, operationally, the ECB lending to the IMF, which then lends to euro member nations, doesn’t count as ‘printing money’ in the Teutonic monetary bible. To recap: When the ECB buys bonds, it credits member bank accounts on the ECB’s spreadsheet. Those accounts count as [...]
As a matter of chance, the euro’s lucky stars fall in line with the latest IMF musings.
Perhaps most important,
When the ECB buys bonds,
The ECB then offers different euro accounts,
However, when the ECB buys SDR from the IMF loans to the IMF,
Nor does the IMF lending those euro to the likes of Italy count as ‘printing money’
And, while a bit of a stretch,
Furthermore, if there’s one force that can be trusted to impose austerity,
Also interesting is that the IMF takes the credit risk for the loans it makes,
Lastly, while it triggers a massive relief rally,
So bringing in the IMF helps Germany preserve it’s ‘max austerity’ image,
So now let’s see if it actually happens.
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