European Central Bank's Stealth QE

The author notes: "A bank can now borrow from the ECB at 1% per year for 3 years, invest in a 3-year Italian bond paying 6% plus, and pocket 5% each year in pure profit." This is why the banking industry can show record profits even while making virtually no economy stimulating loans. This is a fraud that creates no legitimate economic growth in the long run, but can create a flush in the short run. Its real accomplishment when all is said and done will be to extend irresponsible and even criminal behavior by governments and banks for a little longer. It will drain what life is left in the economies involved to keep unsustainable and irresponsible government programs afloat for a little longer. This, in all likelihood, is what our own central bank is doing here in the US.
How Gold, Silver And Platinum Will Respond To ECB's Money Printing - Seeking Alpha:: seekingalpha.com/article/315636-how-gold-silver-an...nting
http://chumly.com/n/edec70