September 11, 2012

Mr. Draghi is just naturally scared, shooting into the dark night.

Sir, “Why has Mr. Draghi done it?” asks Gideon Rachman with respect to ECB’s announcement of “unlimited” purchases of bonds, “Democracy is the loser in the struggle to save the euro” September 11. 

The real answer is of course Mr. Draghi is scared, as we all should be of course, but, because he does not really understands what is happening, he has no other option than to massively and blindly shoot into in the dark night. 

Again, I repeat anyone who does not understand the extent of distortion and damages produced by the capital requirements based on perceived risk does not know how we got here or how we get out of it. 

 And yes, if democracy is going down the tube, so is transparency. Article 32 of the Regulations of the European Financial Stabilisation Mechanism, ESM, states: “The archives of the ESM and all documents belonging to the ESM or held by it, shall be inviolable.” 

Does Europe really have to step back into the dark ages in order to go forward in the 21st Century?