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Draghi at War with Reason & Other Central Banks



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Join date : 2013-01-12

Draghi at War with Reason & Other Central Banks

Post by Lobo on Fri 22 Apr 2016, 2:31 pm

Tensions are starting to rise between Germany and the ECB because Draghi will not admit his negative interest rates are causing an economic meltdown. “We continue to expect them (interest rates) to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases.” Draghi is absolutely clueless and this experiment has no end game. The rest of the central banks are starting to see that Draghi is risking it all for he cannot admit failure. Inflation is a function of interest rates insofar as the rate of interest is compatible with the expected rate of inflation. This is fundamental. Punishing savers and wiping out pensions is not the way to create a future. This will not end very nicely.
All Draghi is doing is making the smart banks richer. They don’t have to pay anything, but they charge people money for having an account. Yet, if you want to take out a mortgage for 10 years, fully collateralized, they demand 5%. The smart bankers are making the widest spreads in history on a percentage basis between bid and ask. Is Draghi insane? Or is he simply looking at this from the perspective of his former employer — Goldman Sachs?

    Current date/time is Thu 27 Oct 2016, 9:53 am