European banking data continues on a slow growth or no growth path. The weak sister countries show no sign of turning around.
At the end of October the ECB announced that it would cut QE to €30 billion a month in January 2018. That’s a 50% cut. The media is treating it as it’s no big deal. But I think it is. I think that without that extra €30 billion, we’ll see even slower and maybe even more shrinkage in the deposit data. That’s money that will no longer be available to feed the US financial asset bubble.
Here are the ugly facts and ugly charts.
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