Here’s How Europe Implodes, Part 1: Italian Junk Bonds and the End of Austerity

by John Rubino
Dollar Collapse

The “whatever it takes” economy is progressing nicely around the world, with governments and central banks doing things that no 20th century economist would have viewed as possible, let alone wise.

Now the question becomes, where does this process hit the wall first? Based on recent events, Europe is looking like the best bet. Consider the European Central Bank’s use of taxpayer money to buy not just junk bonds, but Italian junk bonds:

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