  By Marshall Auerback         7 Responses to “Misery”: A
Postscript To “The Euro Is Not Unassailable”    1. But isn’t the
‘unlimited’ bond buying limited by the sterilisation process?
They have to sell a bond to buy a bond, so it’s just a maturity
swap. How is that going to help. Surely they’ll run out of long
bonds before then. Or are they issuing ECB ones? Selling short?
• Stephanie Kelton        It helps because the ECB effectively
caps yields and allows them to fund themselves at interest rate
levels where they can survive, when the markets find the ECB’s
pledges credible (which hasn’t been the case until now).
As for running out of bonds, so long as there are deficits,
they’ll be bonds.     2. Maybe the Troika have been reading the
manuals from Fort Benning? Counter-insurgery doctrine deploys
torture for its demonstration effect on recalcitrant
populations. People get into line and modify their expectations
when they see the guy on the rack. The point is to hold up the
bleeding remains