Lets look at the points from the ECB press release dismissing the debt monetization rumor:
- ECB SAYS BOND YIELD TARGETS HAVE NOT BEEN DISCUSSED BY THE COUNCIL. Yes, but the ECB does not say that this plan has not been discussed, just not by the Council. Draghi and his aids can and have discussed this.
- ABSOLUTELY MISLEADING TO REPORT ON DECISIONS NOT YET TAKEN Saying that the decision has not yet been taken is different from saying that a decision will not be taken.
- WILL ADHERE STRICTLY TO ITS MANDATE The ECB has twisted its mandate by averring that it can buy bonds in order to help “transmission problems” with its monetary policy.
The ECB will print and print hard when the time comes: