March 05, 2015

Is ECB's Mario Draghi upbeat because markets believe he can be trusted to be a greater fool?

So what is Draghi upbeat about? “The QE plan… had eased borrowing conditions before a single government bond had been bought”? That to me sounds like the market having been convinced there’s a greater fool behind them. Is that it?

Or is Draghi upbeat because he feels the ECB has been able to fend of the danger that oil prices would trigger a deflationary spiral? That to me seems like strangely indicating that lower oil prices had been a damned nuisance for Europe and for the ECB.

Sir, honestly, I think many, all over Europe, have lost screws.

And I just know that anyone launching a huge QE, without making sure its liquidity can reach where it is most needed, like by means of bank credits to the risky SMEs and entrepreneurs, surely must be one of those missing at least one of those missing screws.