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European funding sows seeds of next crisis

Some 320 billion euros created out of thin air, dumped into economy in single day

(MARKETWATCH) — The European Central Bank’s second long-term repo operation is in the books now, and no matter what cognoscenti may say about whether it was a bigger or smaller number than expected, the fact of the matter is that some 320 billion euros were created out of thin air and dumped into the European economy in a single day.

Around 800 banks participated in the quantitative easing with a continental twist, borrowing money at 1% for three years with virtually any sort of collateral.

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