{"id":53293,"date":"2020-05-14T16:03:53","date_gmt":"2020-05-14T21:03:53","guid":{"rendered":"https:\/\/olduvai.ca\/?p=53293"},"modified":"2020-05-14T16:04:00","modified_gmt":"2020-05-14T21:04:00","slug":"no-to-the-ecb-madness","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=53293","title":{"rendered":"No to the ECB madness"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/gefira.org\/en\/2020\/05\/08\/no-to-the-ecb-madness\/\">No to the ECB madness<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/gefira.org\/wp-content\/uploads\/2020\/05\/Bundesadler_Siegel.svg_.png\"><img decoding=\"async\" src=\"https:\/\/gefira.org\/wp-content\/uploads\/2020\/05\/Bundesadler_Siegel.svg_-150x150.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p><strong>The latest ruling of the Federal Constitutional Court is a drop of bitterness in the idyll of the ECB\u2019s excessive money printing. What Super Mario (Draghi) did and what the IMF-imported Christine Lagarde mercilessly continues \u2013 2.6 trillion euros (since 2015), invested in government, corporate and other securities to boost the economy and inflation \u2013 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\u2019 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.<\/strong><\/p>\n\n\n\n<p>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 \u201cmeasures\u201d 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, \u201cThe show must go on\u201d, until one day, oh, how unpleasant these German judges!<\/p>\n\n\n\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>No to the ECB madness The latest ruling of the Federal Constitutional Court is a drop of bitterness in the idyll of the ECB\u2019s excessive money printing. What Super Mario (Draghi) did and what the IMF-imported Christine Lagarde mercilessly continues \u2013 2.6 trillion euros (since 2015), invested in government, corporate and other securities to boost [&hellip;]<\/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":[122,29740,195,233,29739],"class_list":["post-53293","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-bank","tag-coronoavirus-pandemic","tag-debt","tag-ecb","tag-federal-constitutional-court"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53293","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=53293"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53293\/revisions"}],"predecessor-version":[{"id":53294,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53293\/revisions\/53294"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}