Just before Christmas the European Central Bank flooded European banks with €500 billion of extra money, hoping to boost liquidity and jump-start lending. But the banks did not react as hoped, and instead redeposited much of the money at the… European Central Bank. Even though the ECB offers very low interest rates, it is considered a safe haven for funds — safer than fellow European banks, which otherwise might be the recipients of new loans.
In other news, the Dutch cartoonist Gregorius Nekschot — who has been featured in this space many times in the past — has decided to call it quits. The Dutch state’s ham-handed repression has made his career less and less tenable, and he has decided to stop drawing his distinctive cartoons.
Meanwhile, in Egypt, the popular Salafist party Al-Nour says that it will solve the problem of the idolatrous Pyramids by covering them in wax.
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