ECB President Mario Draghi cuts money-printing (= heroin dose) in half to buy €30 BILLION of bonds each month

Mario Draghi is slowly easing the eurozone away from quantitative easing, cutting the bond-buying scheme from €60bn (£53bn) per month to €30bn from the new year.

The European Central Bank plans to keep that pace going for nine months, adding an extra €270bn of bonds to its stockpile of assets by September 2018.

“The economic expansion in the eurozone continues to be solid and broad-based,” said Mr Draghi, president of the ECB, hailing “unabated growth momentum”.

The euro fell as markets saw this as a dovish move, with the ECB cutting the pace of buying only gently.

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H/t reader Squodgy:

“Now let’s get this right.
QE is the creation of unbacked paper money to give the impression of growth when there is none.
Bonds are issued by Bankrupt/insolvent governments to sell for money to pay bills, interest, wages, pensions etc.
Now Draghi is cutting the QE issue to buy bonds from insolvent EU countries.
What can possibly go wrong?
No economic sense whatsoever, just another fudge holding the cracking dam wall, until even that can’t hide the coming collapse of the euro AND the EU.”

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