European Court of Justice. Beware, ECB's Mario Draghi does not know what he is doing, and if he does, then so much worse!

Sir Ralph Atkins writes “Trust them, they are central bankers… That, in essence, will be the European Court of Justice’s thinking on government bond buying by the European Central Bank” “Short View” January 15.

Trust them? Hah!

“Your Honor, Mario Draghi, the President of the European Central Bank, is the former Chair of the Financial Stability Board. As such he helped to impose on banks equity requirements that limited the leverage of bank equity to about 12 to 1 when lending little to a small European business or entrepreneur, but allowed banks to leverage 60 to 1 and even more when investing in AAA rated securities backed with mortgages awarded to the subprime sector in the USA or lending to such an “infallible sovereign” like Greece.

Your Honor, I am sure that when hearing this you will dismiss as utter nonsense, the claim presented to you, that central bankers know what they are doing.

And if by any chance he really knew that, so much the worse. That would mean he was on purpose discriminating against all european small businesses' and entrepreneurs' rights of having fair access to bank credit ... No wonder there is a shortage of jobs in Europe!

And judge, you won't believe this... now they want to inject more liquidity into the markets with what they call Quantitative Easing... QE... without first removing the regulatory distortions that impedes bank credit to be allocated efficiently in Europe”