June 5, 2014.

ECB Unveils Rate Cuts, Lending Package

O’Brien smiled slightly. "You are a flaw in the pattern, Winston. You are a stain that must be wiped out. Did I not tell you just now that we are different from the persecutors of the past? We are not content with negative obedience, nor even with the most abject submission. When finally you surrender to us, it must be of your own free will. We do not destroy the heretic because he resists us: so long as he resists us we never destroy him. We convert him, we capture his inner mind, we reshape him. We burn all evil and all illusion out of him; we bring him over to our side, not in appearance, but genuinely, heart and soul. We make him one of ourselves before we kill him. It is intolerable to us that an erroneous thought should exist anywhere in the world, however secret and powerless it may be. Even in the instant of death we cannot permit any deviation. In the old days the heretic walked to the stake still a heretic, proclaiming his heresy, exulting in it. Even the victim of the Russian purges could carry rebellion locked up in his skull as he walked down the passage waiting for the bullet. But we make the brain perfect before we blow it out. The command of the old despotisms was 'Thou shalt not.' The command of the totalitarians was 'Thou shalt.' Our command is 'THOU ART.' No one whom we bring to this place ever stands out against us. Everyone is washed clean. Even those three miserable traitors in whose innocence you once believed----Jones, Aaronson, and Rutherford----in the end we broke them down. I took part in their interrogation myself. I saw them gradually worn down, whimpering, grovelling, weeping----and in the end it was not with pain or fear, only with penitence. By the time we had finished with them they were only the shells of men. There was nothing left in them except sorrow for what they had done, and love of Big Brother. It was touching to see how they loved him. They begged to be shot quickly, so that they could die while their minds were still clean."

FRANKFURT----The European Central Bank reduced interest rates and announced a series of other measures designed to boost bank lending Thursday as officials scramble to keep ultralow inflation from becoming embedded and derailing the euro zone's fragile recovery.

His voice had grown almost dreamy. The exaltation, the lunatic enthusiasm, was still in his face. He is not pretending, thought Winston, he is not a hypocrite, he believes every word he says. What most oppressed him was the consciousness of his own intellectual inferiority. He watched the heavy yet graceful form strolling to and fro, in and out of the range of his vision. O’Brien was a being in all ways larger than himself. There was no idea that he had ever had, or could have, that O’Brien had not long ago known, examined, and rejected. His mind CONTAINED Winston’s mind. But in that case how could it be true that O’Brien was mad? It must be he, Winston, who was mad. O’Brien halted and looked down at him. His voice had grown stern again.

ECB President Mario Draghi said he and his colleagues were prepared to take further unconventional measures should that combination of rate cuts and cheap funding for banks prove inadequate.

"Do not imagine that you will save yourself, Winston, however completely you surrender to us. No one who has once gone astray is ever spared. And even if we chose to let you live out the natural term of your life, still you would never escape from us. What happens to you here is for ever. Understand that in advance. We shall crush you down to the point from which there is no coming back. Things will happen to you from which you could not recover, if you lived a thousand years. Never again will you be capable of ordinary human feeling. Everything will be dead inside you. Never again will you be capable of love, or friendship, or joy of living, or laughter, or curiosity, or courage, or integrity. You will be hollow. We shall squeeze you empty, and then we shall fill you with ourselves."

"We think it is a significant package," he said at a news conference. "Are we finished? The answer is no. If need be, within our mandate, we aren't finished here."