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THE FORBIDDEN WORD

The Spiegel magazine reports that the European Central Bank may set a ceiling on indebted nations' borrowing costs.

There's one simple word for that, but as Fonzie also central bankers have some words they're not able to pronounce. I think I'll help you, Mario: that word is (debt) MONETIZATION!

There's no need for drama, Mario. It's the only way out given the monetary system you have, so go on; it's the only reasonable thing you can do (if you want to preserve this system, of course). Just keep the lid high enough to incentive them to stop squandering resources.

There's no need to worry about "traders calling your bluff", as some simple minds keeps on prattling, you know that. Those poor souls still don't get that, opposite to every other price fixer, central bankers have a complete control on the production of their stuff: no competition and no problems with material hitches and production disruptions, as your product is virtual. Push ENTER, Mario, and make them screaming! We'll enjoy that!

Anyway, this is necessary but not sufficient, Mario. To achieve a complete way out of this crisis, give the money at 0.5% to the people, not the bankers. The money will be in circulation at once and ordinary people are much more decent and reliable than bankers, I know you know that too. Default rates will be near zero and they will not ask you other money to repay you the previous; they'll repay it with work and production.

I know that you can't do that, Mario, but you should anyway!

If the problem is just ECB statute, you couldn't monetize debt too.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.