He wants these bond-buying programs to bail out every foundering captain on the sea.
But many Republicans genuinely equate Fed bond-buying with reckless government activism leading to rampant inflation.
The ESM is an integral part of the European Central Bank's bond-buying scheme, announced on Thursday.
This is what the ECB has been waiting for to start their bond-buying program.
So the ECB can buy time, important time, but bond-buying alone will not fix the crisis.
But thanks to the Federal Reserve's aggressive bond-buying campaign, Treasurys also are priced near record highs.
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Bond prices have also been the direct beneficiary of massive bond-buying by central banks.
In early August Mr Draghi said the ECB was prepared to resume bond-buying under strict conditions.
Economists viewed his speech as a signal that the ECB would resume its bond-buying program.
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The Japanese Yen also fell after the Bank of Japan announced it would expand its bond-buying program.
The FOMC minutes released Wednesday showed Fed officials are debating on when to shut the bond-buying program down.
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The German Bundesbank and other ECB members have so far resisted the idea of re-instating the bond-buying program.
Some Federal Reserve officials have also been calling for an early end to the central bank's bond-buying program.
The FOMC meeting results were bullish for the raw commodity markets, as the Fed extended its bond-buying program.
Stock investors have been trying to anticipate when the central bank will pull back on its unprecedented bond-buying program.
Debate has heated up among Fed policymakers about when to start curtailing the bond-buying program, which began last fall.
If growth picks up and unemployment retreats, officials could decide bond-buying is unnecessary.
So we might have the prospect of the full 622-member Bundestag scrutinising EFSF bond-buying on a pretty specific basis.
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So far, it looks like the aggressive bond-buying program is making a difference.
Now, if this bond-buying turns the markets then excellent, a job well done.
The actual bond-buying program didn't start until last month, however, and skeptics stress it is too early to declare victory.
Mr. Balcerowicz sides with the head of Germany's Bundesbank, the sole dissenter on the ECB board to the bond-buying scheme.
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Investors were jarred by the potential for an earlier-than-expected end to the Fed's experimental bond-buying programs, known as quantitative easing.
He also knows that past bond-buying by the ECB had no lasting impact and loaded the ECB with dubious bonds.
Only a few weeks ago, ECB chief Mario Draghi announced his own open ended bond-buying plan, dubbed Outright Monetary Transaction.
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Low inflation coupled with stagnant growth will, certainly, renew investor clamor for another round of bond-buying by the Federal Reserve.
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Europe's central bankers are desperate for it to take over the bond-buying duties if markets stay skittish over Italy and Spain.
The Federal Open Market Committee said in a statement Wednesday that it would continue with its bond-buying program as widely expected.
But that's partly due to the Federal Reserve's policy of maintaining historically low interest rates through its bond-buying program, he thinks.
The most recent FOMC minutes had shown some Fed officials were in favor of ending the bond-buying program at year end.
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