We keep seeing reports that economic growth is breaking out in Europe. Wall Street in recent months has been touting “undervalued” European equities. Undervalued compared to what? The hysterical valuations in the US?
None of this claptrap squares with the ECB’s monthly data on bank balance sheets. From that perspective, the European economy remains dead in the water.
Meanwhile the scam behind the last big TLTRO, the ECB’s targeted lending operation designed to stimulate bank lending is now fully exposed. The banks are lending the money they got from the ECB to each other. Doing so enables them to earn the ECB’s negative interest rate bonus on these TLTRO funds. It’s a joke and a disgrace.
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