{"id":4034,"date":"2012-04-07T05:35:19","date_gmt":"2012-04-07T09:35:19","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=4034"},"modified":"2012-04-07T05:35:19","modified_gmt":"2012-04-07T09:35:19","slug":"the-big-easing-by-daniel-gros-project-syndicate","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/","title":{"rendered":"&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate"},"content":{"rendered":"<p>The banks that are parking their money [about \u20ac1 trillion] at the ECB receiving only 0.25% interest are clearly not the same ones that are taking out three-year loans [\u20ac1.15 trillion] at 1%. The deposits come largely from northern European banks mainly German and Dutch, and LTRO loans go largely to banks in southern Europe mainly Italy and Spain. In other words, the ECB has become the central counterparty to a banking system that is de facto segmented along national lines. The real problem for the ECB is that it is not properly insured against the credit risk that it is taking on. The 0.75% spread between deposit and lending rates yielding \u20ac7.5 billion per year does not provide much of a cushion against the losses that are looming in Greece, where the ECB has \u20ac130 billion at stake.<\/p>\n<p>via <a href=\"http:\/\/www.project-syndicate.org\/commentary\/the-big-easing\">&#8220;The Big Easing&#8221; by Daniel Gros | Project Syndicate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The banks that are parking their money [about \u20ac1 trillion] at the ECB receiving only 0.25% interest are clearly not the same ones that are taking out three-year loans [\u20ac1.15 trillion] at 1%. The deposits come largely from northern European banks mainly German and Dutch, and LTRO loans go largely to banks in southern Europe &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[962,1169,1295],"class_list":["post-4034","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-debt-crisis","tag-ecb","tag-euro-zone"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The banks that are parking their money [about \u20ac1 trillion] at the ECB receiving only 0.25% interest are clearly not the same ones that are taking out three-year loans [\u20ac1.15 trillion] at 1%. The deposits come largely from northern European banks mainly German and Dutch, and LTRO loans go largely to banks in southern Europe &hellip; Continue reading &quot;&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-04-07T09:35:19+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate\",\"datePublished\":\"2012-04-07T09:35:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/\"},\"wordCount\":151,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"debt crisis\",\"ECB\",\"euro-zone\"],\"articleSection\":[\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/\",\"name\":\"&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2012-04-07T09:35:19+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/07\/the-big-easing-by-daniel-gros-project-syndicate\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\",\"https:\/\/au.linkedin.com\/in\/colintwiggs\"],\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"&quot;The Big Easing&quot; by Daniel Gros &#124; Project Syndicate - the patient investor","og_description":"The banks that are parking their money [about \u20ac1 trillion] at the ECB receiving only 0.25% interest are clearly not the same ones that are taking out three-year loans [\u20ac1.15 trillion] at 1%. 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Euro zone banks received 489 billion euros late last month in the first of two opportunities to access the\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3657,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/02\/29\/ecb-allots-e529-5-billion-in-long-term-refinancing-operation-wsj-com\/","url_meta":{"origin":4034,"position":1},"title":"ECB Allots \u20ac529.5 Billion in Long-Term Refinancing Operation &#8211; WSJ.com","author":"ColinTwiggs","date":"February 29, 2012","format":false,"excerpt":"LONDON\u2014The European Central Bank said it handed out \u20ac529.5 billion $712.7 billion in cheap, three-year loans to 800 lenders, the central bank's latest effort to arrest a financial crisis now entering its third year. Wednesday's loans were on top of the \u20ac489 billion of similar loans the ECB dispensed to\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3233,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/01\/04\/bbc-news-which-are-the-eurozones-zombie-banks\/","url_meta":{"origin":4034,"position":2},"title":"BBC News &#8211; Which are the eurozone&#8217;s zombie banks?","author":"ColinTwiggs","date":"January 4, 2012","format":false,"excerpt":"Banks are borrowing at 1% from the ECB and then lending the money back to the ECB at 0.25%. Or to put it another way, they are taking a substantial loss on their dealings with the central bank. Why on earth would they do this? Well, as I've said many\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11001,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/27\/market-turbulence\/","url_meta":{"origin":4034,"position":3},"title":"Market turbulence","author":"ColinTwiggs","date":"September 27, 2014","format":false,"excerpt":"A Coincident Economic Activity Index above 0.2 indicates the US recovery is on track. Produced by the Philadelphia Fed, the index includes four indicators: nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing, and wages and salaries. Bellwether stock Fedex also suggests rising economic activity. 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The bank has already cut its discount rate to 0.5 percent. What more can it do to increase the quantity of money?\u201d The answer is straightforward: The Bank of Japan can buy government bonds on the open\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16353,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/06\/15\/enter-the-era-of-zombie-economies\/","url_meta":{"origin":4034,"position":5},"title":"Zombie banks or zombie economies?","author":"Colin Twiggs","date":"June 15, 2018","format":false,"excerpt":"The last three decades was the era of zombie banks, with financial crises threatening the very survival of our financial system. Major banks close to the edge of the precipice, first in Japan but followed by the USA and Europe, were only rescued by drastic action by central banks. The\u2026","rel":"","context":"In &quot;Africa &amp; South America&quot;","block_context":{"text":"Africa &amp; South America","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/africa-south-america\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=4034"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4034\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=4034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=4034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=4034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}