Empty jaw boning from the ECB disappoints those who had believed in fairies

ECB’s Mario Draghi disappointed risk addicts this morning with more strong promises about the Euro being “irreversible” but no concrete acts. Rates are already at the zero bound. Central Banks of the world have already gutted strength in their balance sheets to absorb toxic bonds. The bailout cult has run its course. Reality begins to dawn. Austerity and defaults is the only practical plan from here. And yes Virgina, as every child comes to learn eventually, there is no tooth fairy.

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3 Responses to Empty jaw boning from the ECB disappoints those who had believed in fairies

  1. John says:

    Is this the end of the massively psychotic, pseudo-Keynsesian, bank welfare experiment, or do the central hackers reserve the right to hyper-inflate the world if things get bad enough?

    BTW: does anyone else think that knocking down the Eurozone was all just part of the plan? Remember all the talk of oil being denominated in Euros? Or how about the fact that Germany might actually challenge American dominance in Europe with a little help from, say, Russia? Destroying the Eurozone as a viable alternative to US hegemony sure plays into Anglo-American interests. In one broad stroke you ruin the Euro as an alternative to the US dollar, and you severely weaken Germany by destroying her export markets while she is saddled with PIIGS debt. Back during the GFC, I told a friend of mine that we should never underestimate American/Wall Street guile.

  2. Attila Balazs says:

    Bob Farrell’s Rule #9 intact.
    ” When all the experts and forecast agree – something else is going to happen.”

  3. Attila Balazs says:

    ” The bailout cult has run its course.”

    That’s gold, Danielle! Gold!
    (Borrowed from Seinfeld.)

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