Friday, November 18, 2011
Ever see a currency commit suicide?
Keep an eye on the Euro. If the current Bright Lights in charge of the ECB have their way they will ride the Euro to the bottom rather than exercise the tools available to save it.
In his first speech as president of the European Central Bank, Mario Draghi complained Friday that Europe’s political leaders have been too slow to implement their own plan to address the sovereign debt crisis, and offered no hope he would come to their rescue by printing money.Austerity, now and forever! What else is the ECB there for.
Mr. Draghi, who took office at the beginning of the month, implicitly rejected calls for the E.C.B. to use its enormous financial resources to stop the upward creep of borrowing costs for Spain and Italy, which threaten their solvency and by extension the European and global economies.
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