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Thursday, December 22, 2011

European Central Bank Turns to Credit Expansion

“After long resisting the kind of financial force Washington used at the height of the financial crisis in 2008, European central bankers on Wednesday pumped nearly $640 billion into the Continent’s banking system. The move raised hopes that the money could alleviate the region’s credit squeeze.” (New York Times)

When desperate, inflate. Repeat as needed.

FEE Timely Classic
“Inflation in One Page” by Henry Hazlitt