The evidence suggests that ECB machinations have had no effect, other than to give the banks a bonus for doing nothing other than passing money around amongst themselves. ECB policy has seemed more like Animal House, a series of “really stupid and futile gestures,” which taken as a whole, are simply ridiculous. If it weren’t so tragic, it would be hilarious.
Here’s an illustrated rundown of the data, along with the reasons why it’s important to us as US investors.
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