Europe is Destroying Its Currency
"Will Europe have to print a great deal more? The answer is absolutely .. European banks are at least two and a half to three and a half times worse than U.S. banks .. When they stop printing money, when they stop doing their version of TARPs, which are called Long-Term Refinancing Operations (LTROs), it’s a disaster .. The way out is if the European Central Bank (ECB) prints .. We should never underestimate the capacity of politicians to do things to keep the system together as long as they are spending somebody else’s money .. Every time Draghi prints money and he comes up with another half trillion LTRO, we should all stand up and give him an ovation. Thank you for keeping the crisis from coming to the United States .. The fact that Europe is destroying its currency and making it more difficult to come out of it, that’s okay. It’s keeping the U.S. from having to deal with it."
- John Mauldin,link here to the KWN interview notes