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Alternative Visions – Europe’s Central Bank Expands Its QE in Response to Japan’s – 03.11.16
Last month the Bank of Japan (BoJ) expanded its QE program and negative
interest rates (NIRP) in a desperate attempt to reboost its stock market
and Yen exchange rate. This past week the European Central Bank
(ECB)went a step further, as both the ECB and BoJ continue to engage in
‘dueling QEs’ that are intensifying global currency wars and slowing
global trade. ECB chairman, Mario Draghi, lowered the Eurozone’s
negative rate on government bonds another notch, now to -0.4%.
Reportedly half of all government bonds in Europe now trade at negative
rates. In addition, the ECB raised its monthly buying amount from $66
billion to $88 billion, and now will buy corporate bonds as well. The
move subsidizes Euro corporations, lowering their costs of borrowing and
insurance (CDS) on bonds, a move to offload the $1.5 trillion in
corporate non-performing loans in Europe. Jack Rasmus explains why this
won’t have any effect on the Eurozone real economy but will temporary
boost stocks and currency. Jack also reviews why global oil prices have
risen recently to $40 a barrel, Japan’s official return to recession
after doctoring GDP numbers last 3Q2015, China’s latest
‘mini-stimulus’, the US deepening control of Ukraine’s economy, and the
significance of the ‘Socialist’ government in France new attack on
eliminating the 35 hr. workweek, where 90% of all jobs created in 2015
were part time and temp, and the mass protests now emerging there. Jack
concludes with brief introduction to his forthcoming May 2016 book,
‘Looting Greece: The Emergence of a New Imperialism’, and his next book
out October 2016 entitled, ‘Central Bankers on the Ropes’, both from
Clarity Press. (see his blog, jackrasmus.com and Clarity Press for more
information).
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By Progressive Radio Network
4.8
2525 ratings
Last month the Bank of Japan (BoJ) expanded its QE program and negative
interest rates (NIRP) in a desperate attempt to reboost its stock market
and Yen exchange rate. This past week the European Central Bank
(ECB)went a step further, as both the ECB and BoJ continue to engage in
‘dueling QEs’ that are intensifying global currency wars and slowing
global trade. ECB chairman, Mario Draghi, lowered the Eurozone’s
negative rate on government bonds another notch, now to -0.4%.
Reportedly half of all government bonds in Europe now trade at negative
rates. In addition, the ECB raised its monthly buying amount from $66
billion to $88 billion, and now will buy corporate bonds as well. The
move subsidizes Euro corporations, lowering their costs of borrowing and
insurance (CDS) on bonds, a move to offload the $1.5 trillion in
corporate non-performing loans in Europe. Jack Rasmus explains why this
won’t have any effect on the Eurozone real economy but will temporary
boost stocks and currency. Jack also reviews why global oil prices have
risen recently to $40 a barrel, Japan’s official return to recession
after doctoring GDP numbers last 3Q2015, China’s latest
‘mini-stimulus’, the US deepening control of Ukraine’s economy, and the
significance of the ‘Socialist’ government in France new attack on
eliminating the 35 hr. workweek, where 90% of all jobs created in 2015
were part time and temp, and the mass protests now emerging there. Jack
concludes with brief introduction to his forthcoming May 2016 book,
‘Looting Greece: The Emergence of a New Imperialism’, and his next book
out October 2016 entitled, ‘Central Bankers on the Ropes’, both from
Clarity Press. (see his blog, jackrasmus.com and Clarity Press for more
information).
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