Central Bank steps up its cash support to Irish banks financed by institution printing own money

http://www.independent.ie/business/irish/central-bank-steps-up-its-cash-support-to-irish-banks-financed-by-institution-printing-own-money-2497212.html

The Irish Independent learnt last night that the Central Bank of Ireland is financing €51bn of an emergency loan programme by printing its own money.

Without the European Central Bank's approval, that sounds suspiciously like Ireland is resorting to counterfeiting its own currency.   Sure, it's only a "small" amount:  roughly 50 billion Euros.

By contrast, the Fed has created trillions of USDollars out of thin air in just the last 2 years.  With municipalities and states teetering in insolvency, one has to wonder when the madness will ever stop.