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The ECB is not carrying out quantitative easing, since they insist on "sterilizing" all their sovereign bonds purchases, which effectively draws liquidity from the private sector in order to fund the bnod purchases.

There are indications that there's no more private liquidity to be drawn.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Sat Feb 5th, 2011 at 06:10:15 AM EST
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