You might remember a few years ago the head chief of the ECB was arguing about the Fed taking on an inordinate amount of questionable assets onto its balance sheet. In these talks the quality of the ECB balance sheet was championed. What a difference a few years makes. Today the ECB balance sheet has far surpassed the Fed balance sheet and is now up to 3.1 trillion Euros whereas the Fed balance sheet is under $3 trillion. Talk about a reversal of fortune but the two biggest central banks now have over $6 trillion in "assets" on their balances sheets and you can rest assured these are anything but quality

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