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Accelerating Deposit Flight In Ireland Forces Irish Central Bank To Print Money Independent Of ECB

By Implode-Explode Heavy Industries

``So let's do the math: ICB "money printing" has increased by ?40 billion. For a country whose GDP is about ?160 billion, this means that Ireland has printing the equivalent of 25% of its GDP. Put in American terms, this would be the equivalent of about $3.5 trillion in 3 months... In this context we wonder just what the ECB considers "systemically significant."''

Full post as published by Mortgage Lender Implode-o-Meter on January 17, 2011 (boomark / email).