ECB’s Mario Draghi and his misguided malcontents –

This is an excellent editorial article from the FT. It’s a strongly recommended read. Check it out!

via ECB’s Mario Draghi and his misguided malcontents –

The Eurozone is in an increasingly desperate mess, despite strong growth in both the US & the UK. Strong fiscal measures for the Eurozone have been vetoed by Germany and her flunkies in the ECB and the European Commission.

Mario Draghi, head of the ECB, is operating with his hands tied behind his back; he’s not allowed to be a real central banker.

According to the FT, the ECB’s latest ABS purchase scheme has aroused suspicion from Wolfgang Schäuble, German finance minister, and outright opposition from Jens Weidmann, Bundesbank president, and the wider Bundesbank establishment.

Not only has conservative German economic policy from Wolfgang Schäuble and Jens Weidmann been responsible for destroying Southern Europe, it is now damaging Germany as well.

This blog respects the idea that Germany will conditionally agree to monetary and fiscal latitude in return for real economic reform in Southern Europe.

Let me ask two open question:

  1. Surely, it is time for the people in Germany to push back against the the conservative politicians who are destroying Europe, including Germany?
  2. Otherwise, surely it’s time to dismantle the Euro?

One response

  1. Dr Alf makes some telling points but essentially Germany,with all its fears about inflation is running Europe and controlling its finances.
    The issue really boils down to the 4.5 trillion Euros which the EU needs in order to shore up the Euro and which Europe is not creating.
    This will not come from printing money and has to come from earning money.
    That means a collective effort to make and sell things that people want focussed on markets outside of Europe and an end to collective navel gazing and a pretence that everyone in Europe can be made to behave and think like Germans.
    Mario Draghi and his henchmen and woman are puppets in this equation,powerless to take action and in thrall to his Teutonic mistress Angela Merkel who is in turn hostage to her Bilderberger masters who are happy with the present state of affairs and want to create the conditions for a wider war in the Middle East which will get the wheels of industry in Europe turning once more.
    The Euro will probably fail before this happens or we might see 2 Europes,a Northern Europe with the present Euro as it is now and a Southern Europe of quasi basket case nations either with their own currencies or with a Euro “lite”.
    These more fractious countries would effectively be on some sort of “probation” but in the end they will rebel and the EU will split asunder unless the catalysing effect of a war can be brought to play.
    ISIS and the global Caliphate building ambitions of Mr Bagdadhi are going to take more than a few air strikes to deal with and if they control the oil in the Persian Gulf Europe will have to act with America to destroy the Frankenstein which has been created by Qatar and Wahibis in Saudi Arabia with the tacit consent of the UK’s Foreign Office,indifferent EU leaders and a lobotomised President Obama.

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