Friday, June 22, 2012

Austerity For Some, Free Money For Rich People

My cat Gizmo is pretty precious. He's worth at least ONE TRILLION DOLLARS. I should really be able to use him has collateral for a massive loan from the central bank. And, of course, if I was a rich bankster I probably could.

I doubt the two are connected but the ECB has announced it has adjusted collateral rules to allow banks greater access to liquidity. They will allow auto-loan asset-backed securities to be used, a new addition to the line-up.

This might even be the right policy, but free money bazooka for rich assholes and deprivation for everybody else might strike some as being unfair. And by some I mean hippie class warriors who should just shut up Shut up Shut UP SHUT UP SHUT UP.

And, yes, there are auto-loan asset-backed securities. Turn the machines back on!