Well, he finally launched \u201cwhatever it takes\u201d and that marks an inflection point. Mario Draghi has just proved that the servile\u00a0apparatchiks who run the world\u2019s major central banks will stop at nothing to appease the truculent\u00a0gamblers they have unleashed in the casino. And that means there will eventually be a monumental crash landing because the bubble beneficiaries are now\u00a0commanding the bubble makers.<\/p>\n
There is not one rational reason why the ECB should be purchasing $1.24 trillion of existing sovereign\u00a0bonds and other debt securities during the next\u00a018 months. Forget all the\u00a0ritual incantation emanating from the central bankers\u00a0about fighting deflation and stimulating growth.\u00a0The ECB has\u00a0launched into a\u00a0massive bond buying campaign for\u00a0the sole purpose\u00a0of redeeming Mario Draghi\u2019s utterly foolish promise to make speculators stupendously rich by\u00a0the simple act of\u00a0buying now (and on huge repo leverage, too)\u00a0what he guaranteed the ECB would be buying latter.<\/strong><\/em><\/p>\n So today\u2019s program amounts to a giant bailout in the form of a big fat central bank \u201cbid\u201d designed to prop up\u00a0prices in\u00a0the immense parking lot\u00a0of French, Italian, Spanish, Portuguese etc. debt that has been accumulated by hedge funds, prop traders and other rank speculators since mid-2012. Never before\u00a0have so few\u2014-perhaps several thousand banks and funds\u2014-been pleasured with\u00a0so many hundreds of billions of ill-gotten gain. Robin Hood is spinning madly in his grave.<\/p>\n …click on the above link to read the rest of the article…<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Mario Draghi: Charlatan Of The Apparatchiks Well, he finally launched \u201cwhatever it takes\u201d and that marks an inflection point. Mario Draghi has just proved that the servile\u00a0apparatchiks who run the world\u2019s major central banks will stop at nothing to appease the truculent\u00a0gamblers they have unleashed in the casino. And that means there will eventually be […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[233,280,281,282,1044,535],"class_list":["post-4769","post","type-post","status-publish","format-standard","hentry","category-economics","tag-ecb","tag-euro","tag-europe","tag-european-central-bank","tag-mario-draghi","tag-monetary-stimulus"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4769"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4769\/revisions"}],"predecessor-version":[{"id":4770,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4769\/revisions\/4770"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}