In the race to pretend to debase, Europe’s central bank has pulled ahead of America’s. The ECB’s balance of digitally-printed bank reserves is rising fast while the Federal Reserve’s reserves plateaued months ago. For the first time in its history, the Europeans claim “excess liquidity” (their term) in excess of €3.3 trillion and steadily rising.
In years long past, this “flood” would’ve unleashed howls of protest spoken primarily in the German language, the damning label “Weimar” thrown loosely around in even mainstream channels. Nowadays, barely a peep.
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