It's happening under our all eyes
The ECB is now officially financing insolvent states.
Despite the laws for the ECB. How is that done?
Very easy the ECB does not buy bonds directly of states but in a perfidiously way. As you have read yesterday the ECB lends out money to banks with 1 % interest for 3 !!! years.
Now this money is just given with "securities". The securites of the banks are?
Promises of the states to back up the papers deposited by the ECB. Especially Italy has done that. And so you see it insolvent states back up securities for insolvent banks and insolvent
banks are using bonds of insolvent states as securities.
Now tell me anything about a sham...