The Latest "Europe Is Saved" Euphoria

" . . . my view of the latest "Europe is saved" euphoria: boiled down to its essence, bad bank debt will be replaced with "good debt" issued by the European central Bank (ECB). The debt will still require interest payments, and that money will be drained from economies that are starved of the massive new borrowing binges that fueled their "growth" for 30 years. It's a death spiral wrapped in prettier paper." - Charles Hugh Smith By way of crude example, believing that pushing debt from one balance sheet to another somehow eradicates it is like believing that moving your dog's turd pile to a different part of your yard eliminates the smell. Until you actually pick it up and dispose of it, e.g., pay down the debt, not add to it, you only end up with an ever-growing, more obvious stench.