ECB needs to buy or go home

At this point, we have to hope the European Central Bank counters the Italian bond rout by printing trillions of euros.

By Jim Cramer Nov 10, 2011 10:19AM

the streetPretty simple: Buy or go home. That's what you have to hope for soon from the European Central Bank to counter the Italian bond rout. The ECB has to go buy 2 trillion euros' worth of Italian bonds. Yeah. It does have to be that big. It has to clean them out. The sellers. The investors. The traders.

 

It has to end this nonsense by printing euros, trillions of them, and making it very clear that the crisis is over.

 

To do that, these leaders will have to do two things:

  1. Remember that when governments run out of money, they can do desperate things that can pull many countries down.
  2. Forget what happened in Weimar.

Both of them have to happen.


I know this is drastic. And I know it is probably not going to happen.


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But if there is a chance to get beyond this, something must be done with a level of force that tells people that Italy will not go down.


Then we have time to work out a more realistic solution.


If it doesn't happen, then we will have ripple effects that could shut down the banking system rather quickly and make you feel pretty darned silly about being invested in anything financial.


One other thought: Last night's debate showed me that they had better get their act together over there, because if any of the Republicans whom I saw last night wins the election, there will be no help whatsoever coming from the White House -- and, if anything, scorn would be the strategy -- if indeed scorn is a strategy at all.


the street

Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for his charitable trust.


11Comments
Nov 10, 2011 2:39PM
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Well, $2 Trillion should make the euro worth about 80 cents to the dollar.  European vacation, here I come.
Nov 10, 2011 12:14PM
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pretty darn silly being invested in anything financial?

pretty darn sillier listening to your "tips"

Nov 10, 2011 11:39AM
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cramer your unprofessional outburst at the debate was way worse than perry's gaff

 

why didn't you ask a pertinent question like:mortgage rates are at record lows so what good is that if nobody is allowed to re-fi?

 

instead you made some obscure rant about helping little people

 

please help us little people by curing your mouth diarrhea

Nov 10, 2011 11:39AM
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Cramer you did good!!!!,,Maybe you where as confused as I was hearing the replies of the candidates and the lack of knowledge on the way the economy works...I still can not believed today!!!......Does not look good!!!!!!!!!!
Nov 10, 2011 11:44AM
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remember , i am giving you yet another chance by tracking your strong

thesis of buying goog at 612 because it is going to 715-750 in 6 months

 

today's score: day 3...goog at 595

Nov 10, 2011 11:16AM
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Jimmy: this is much better than yesterdays newsboy stuff, that I could have written. I like it when you tell fools what to do,,,   kinda-a ,sort of ,, go   jimmy go  , ps  Jimmy, scorn could be corn depending on when and where you planted  , hasta nunca  guru's
Nov 10, 2011 8:59PM
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Every time I read something you write, the first question that comes to mind is "Why isn't this man in a prison cell somewhere?"

To be fair, I think that about most of you Wall Street sh*tbag pundits, but you stand out.  

Do you blame your absence of morals on your junkie years or is it your DNA? 
Nov 11, 2011 9:02AM
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He really gets paid to write this kind of nonsense?  How about hiring me to write for you: I have this fast disappearing trait called common sense.  Really: think about it:  Spend 2 trillion Euros by countries that are themselves not too far from the edge of default to tell everyone that we are serious.  Serious about what?  Pulling the whole world into the most massive depression ever seen?  How do you get away with printing this type of trash as if it made sense?  Even worse; there are many people who apparently can't think for themselves who agree with this nonsense.

GOD Help Us !!

Nov 10, 2011 11:32AM
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Well in that case lets hope the Republicans indeed do win!!!

 

Nov 11, 2011 3:25AM
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As a globalist, you should know better than to predict the Euroist demise. Another ballout from the US? Very doubtful. We are broke ourselves. Let's be real.
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