European Central Bank Finally Fires Its Bazooka
This morning, Mario Draghi, the head of the European Central Bank, finally made good on his threats to "do whatever it takes" to rescue the Eurozone. From WSJ.com:
European Central Bank to Purchase €60 Billion in Assets Each Month Starting in March Until September 2016
FRANKFURT—The European Central Bank said Thursday it will purchase eurozone countries’ government bonds, a landmark decision aimed at combating stagnation and ultralow inflation in a region that has emerged as a top risk to the global economic recovery.
ECB President Mario Draghi said the ECB will buy a total of €60 billion ($69 billion) a month in assets including government bonds, debt securities issued by European institutions and private-sector bonds. The purchases of government bonds and those issued by European institutions will start in March and run through September 2016, Mr. Draghi said. The risks associated with the bonds of EU institutions will be shared, but purchases of other government bonds won’t be subject to loss sharing, Mr. Draghi said.
The ECB also lowered the interest rate it charges on its four-year loans to banks by 0.10 percentage point.
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A flaming printfest of doom? Dow is up, 66.66%…
I wonder what the odds are that Draghi sticks around to see his plan to fruition? Just like Bernanke started QE and then bowed out before the true outcome was realized, I'm thinking Draghi will do the same. Yellen is going to get stuck with the mess that Bernanke created, just like Bernanke got stuck with Greenspan's mess. The funny part is that none of these people realize that they are suckers whenever they take the job of cleaning up the last person's mess. Larry Summers is the quasi smart one of the group, but only because he bowed out of contention for cleaning up Bernanke/Greenspan's 20+ year mess. I wonder what sucker will come along to try to clean up Draghi's mess?
66.66 points, not %. Need to make sure I have that cup-of-joe prior to posting in the am.
Topped off the vehicle for $1.95 a gallon this morning. $1.95/gallon. Felt a bit queasy / creeped out afterwards.
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