The European Central Bank engulfs banking business
The European Central Bank (ECB) has returned to bank support and last week gave them half a trillion euros, according to the entity’s report. Spanish banks have asked for up to EUR 150 billion, according to the same sources. In December, the ECB punctured another half a trillion at a ridiculous price – with a 1% interest – and was paid in three years. Therefore, in just two months, the ECB has injected a trillion euros into banks. If all the punctures are added to the liquidity of the Member States, the central banks and the ECB, that amount would be several trillion euros. The real economy, on the contrary, does not benefit from it, because credit does not work, either for companies or for families. What's going on? If the ECB injects billions of euros into banks to speed up credit, but if this does not reach businesses and families, it means that someone is burdening with that liquidity. Certainly, banks are getting fat, they are doing business with public money, cleaning up their balance sheets. The ECB makes them cumbersome and knows.
It is clear that the banks, especially the Spanish banks that have many “holes” for the wager they have made in the construction sector in recent years, are taking advantage of this public money to finance themselves. Thus, it uses loans of 1% of the ECB to purchase Spanish, Italian and Greek debt at an interest of between 5% and 9%. Banks speculate on the Stock Exchange with the money left by the ECB to accelerate their economy. In the end, it is the state, that is, the taxpayers, that covers the banks’ “holes”. It is logical, therefore, that there should be no credit in companies and families. It is therefore logical that further social cuts should be imposed. It is the logic of capitalism that burdens the banks and throws millions of people into hunger and unemployment.
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