Italy’s Banking Crisis Spirals Elegantly out of Control

How to dump toxic waste on the public through the backdoor.

By Wolf Richter of WOLF STREET

Back during the euro debt crisis, while the ECB was buying government debt from Member States to keep Italian and Spanish government debt from imploding, German politicians fretted out loud about what exactly the ECB was buying. Among them was Frank Schäffler, at the time Member of the Federal Parliament, who in September 2011 said with uncanny accuracy:

“If the ECB continues like this, it will soon buy old bicycles and pay for them with new paper money.”

This is now coming to pass

Continue reading the article at WOLF STREET

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