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Conducting monetary policy through the discount window is not an excuse for bailing out insolvent banks. Insolvent banks should be put through bankruptcy. Keeping them alive is not "helping."

And anyway, this isn't about the Irish banks anymore. It's about the Irish government debt. Why is this so hard to understand?

Incidentally, if the ECB were doing its job as a central bank and fixing the price of government bonds, then we wouldn't be having this discussion in the first place.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 5th, 2011 at 06:07:04 AM EST
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