Where Did All The TLTRO Go?

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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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also provide analysis and charts for David Stockman's Contra Corner which I developed for Mr. Stockman. I’ve had a wide variety of finance related jobs in the past 44 years, including a stint on Wall Street in both analytical and sales capacities. Prior to starting the Wall Street Examiner I worked as a commercial real estate appraiser in Florida for 15 years. I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. My perspective is not of the Ivory Tower. It is from having my boots on the ground and in the trenches of the industries that I analyze and write about today. 

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