Wednesday, November 16, 2011

BBC Jan 14, 2012: How Europe was saved

BBC news Jan 14, 2012.

In a shocking move earlier today the European Central Bank announced an orderly default of Greece and the appointment of Professor Paul Krugman as the head of the Bank.

In a brief speech Dr. Krugman dumped a paper bag of Euros from the podium. "There's plenty more where they came from" he said. "I'll get 3.5% inflation if I have to print them myself". Within moments of these announcements China and the United States each purchased 200 billion Euro Bonds in a new offering.

Trading volumes broke prior records then broken them again. Goldman Sachs bet heavily against the ECB strategy, and by the end of the day it had lost over 80 billion US dollars. The future independence of Goldman Sachs is now in doubt ...

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