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No to the ECB madness

No to the ECB madness

The latest ruling of the Federal Constitutional Court is a drop of bitterness in the idyll of the ECB’s excessive money printing. What Super Mario (Draghi) did and what the IMF-imported Christine Lagarde mercilessly continues – 2.6 trillion euros (since 2015), invested in government, corporate and other securities to boost the economy and inflation – are a blessing for financiers and their customers (plutocracy) and a curse for savers and future pensioners. Roughly speaking, the ECB is buying up the debts of banks and large corporations, but is not worried about citizens’ savings melting away as a result of the negative interest rate, while the bubble is growing in markets overheated by cheap money (including the property market). The owners of real assets are benefiting, while owners of financial assets are losing. Companies that would not have been able to survive under any other circumstances remain in the market as zombies, reducing productivity, the rate of return on capital in the eurozone and their competitiveness in the world.

These trillions of euros are therefore ineffective. After all, the eurozone economy weakened significantly much earlier, before the outbreak of the so-called pandemic. Now the bubble has burst on the stock markets and Lagarde immediately started to take new “measures” from her ivory tower in Frankfurt: money presses are running at full speed, markets are recovering, the economy is still at its worst since the end of the Second World War, unemployment rates very high everywhere, but never mind all that, “The show must go on”, until one day, oh, how unpleasant these German judges!

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Olduvai IV: Courage
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Olduvai II: Exodus
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