Irish Bank Does Quantitative Easing... To Itself

An article at Zerohedge shows that Irish Nationwide, an Irish bank is now doing quantitative easing to itself.

The Irish Times writes, "'Irish Nationwide has issued €4 billion of Government-guaranteed bonds effectively to itself. It can use the bonds to draw €4 billion in funding from the European Central to help tide it over a key refinancing period later this month."'

This is the most egregious use of ponzi scheme financing yet, and is just a matter of time before the entire Irish banking system gets pummeled like a drunk in a bar fight.

It's only a matter of time before other banks in the country begin to do a micro-quantitative easing to themselves. Not long after that, I suspect the entire Irish banking system will be turned upside down.

These must be those "green-shoots" everyone is talking about.