The second point is that pumping capital into banks, and providing them with more liquidity through buying up their holdings of debt will not make their potential borrowers any more creditworthy than they have now become.

this should be repeatedly drilled....i see one of those luminous boardings in times and piccadiily squares...

it really is the nub of the issue, the final rag falling off the naked emperor, the 'duh!' understanding moment, the great unanswered question most don't even want to contemplate.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty