Relevant:
- Central Banks Now Operating as One Global Monopoly?
- EU Banking System on the Brink
- Germany amassing huge surpluses -- and huge risks (EU TARGET-2 IMBALANCES SWELLING AGAIN!)
- Bill Kaye - Gold "Price Damage Beyond Belief"; Banks Have Switched Sides, Foreshadowing Rally
- Draghi Says There's a Target-2 Toll For Leaving Euro; Italy's Bill Would Be $383.1 bln
2012-04-26 — moneymorning.com
By giving national central banks something to do and allowing them to deal with each other, it allowed the system to pretend that Eurozone central banks would never default and that payment imbalances were not a problem.
The credit risks of the payments system, which would have been handled by the banking system, were transferred to central banks and allowed to grow to their current monstrous size.
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