"And lo it came to pass, the indebted banks of Europe needed to recapitalise and so the Central Banks printed the cash for them.
And there was a great wailing from the people as inflation arrived to take away their bread and wine."
Hat Tip: Telegraph
Eurozone banks have rushed to take out cheap three-year loans offered by the European Central Bank, borrowing 489 billion euros, that is $643 billion.
The central bank had hoped to lend up to 450bn euros to stop another credit crunch crippling the banking system.
When the plan was announced, French President Nicholas Sarkozy said banks could use the money to invest in eurozone sovereign debt.
However, analysts were uncertain if banks will use the money in this way. This video is long but well worth the watch.