Accrington Web - View Single Post - Can Peter pay Paul so Paul can pay Peter?

Gordon Booth · 24-12-2011, 14:56

I said I hoped Mancie and cmon didn't see this!
I read up some more and the closing of the loop with the invisible money is quite elegant!
The banks have to provide security for borrowing the £489 billion so they buy Greek,Spanish etc bonds and give them to the ECB as security.
Greece, Spain etc default after the 3 year loan is up and don't pay anything back(so they're happy), the banks have made £73.5 billion profit and don't owe anything to anyone(so they're happy) and the ECB have up to £489 billion of worthless bonds(so they're not happy but it never existed anyway so what the hell!). The Germans have been given 3 more years to sort out taking over Europe so they're happy.
Everyone's happy!
Now how do I make it work for me and aren't you happy we're not in the euro zone?

24-12-2011, 14:56	#19
Gordon Booth Senior Member+ Join Date: Jul 2010 Posts: 2,402 Liked: 715 times Rep Power: 46614	Re: Can Peter pay Paul so Paul can pay Peter? I said I hoped Mancie and cmon didn't see this! I read up some more and the closing of the loop with the invisible money is quite elegant! The banks have to provide security for borrowing the £489 billion so they buy Greek,Spanish etc bonds and give them to the ECB as security. Greece, Spain etc default after the 3 year loan is up and don't pay anything back(so they're happy), the banks have made £73.5 billion profit and don't owe anything to anyone(so they're happy) and the ECB have up to £489 billion of worthless bonds(so they're not happy but it never existed anyway so what the hell!). The Germans have been given 3 more years to sort out taking over Europe so they're happy. Everyone's happy! Now how do I make it work for me and aren't you happy we're not in the euro zone? Last edited by Gordon Booth; 24-12-2011 at 15:03.