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The problem with this is that the ECB is not doing this out of its own volition, it's right there in Article 123 of the Lisbon Treaty. Of course, one can collude one's way around that.
That would be a lot more persuasive if the ECB were actively telling people how mind-numbingly stupid Art. 123 is. But in fact they are doing the opposite.
Austerity can only be implemented in the shadow of a concentration camp.
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