Jason and Phil talk about how basically since the 2008 financial crisis the Federal Reserve has been helping to keep the EU, ECB and European banks alive with trillions in currency swaps and how the ECB after Mario Draghi's "Whatever It Takes" speech almost 6 years ago, the ECB changed its bylaws to enable itself to start doing massive amounts of QE in the last few years to covertly bailout its banks.
After only a few years of QE, the ECB's balance sheet is almost to $5 trillion US Dollars already and larger than the balance sheets of the Bank of Japan and the Federal Reserve. But, this won't be enough to fully save all the Italian banks and banks like Deutsche Bank, which just laid off thousands more workers and sold one of its most profitable businesses for cash to delay bankruptcy.
- Source, Wall St for Main St
