Friday, January 23, 2015


Wall Street Journal | Aggressive ECB Stimulus Ushers In New Era for Europe
The European Central Bank ushered in a new era by launching an aggressive bond-buying program Thursday, shifting pressure to Europe’s political leaders to restore prosperity in one of the global economy’s biggest trouble spots.

Econ Comments & Analysis                                                                                            
Real Clear Markets | Zero Rates Signal Total Economic Disarray, Not 'Stimulus'
In November 2011, "inflation" in the EU was measured at 3.3%, while it was a touch lower for the defined "Euro area." Thus began both an age of great monetary experimentation and no appreciable effects on the one measure intended to "benefit" the most from it all. The ECB has engaged literally trillions in "stimulus" of almost every form imaginable, from buying covered bonds (instruments where banks own their own liabilities) to traditional interest rate maneuvers to simple and dramatic flooding the zone with LTRO's. And in that time, through all of it, the inflation rate in Europe has moved practically in a straight line lower, unalterable has been its trajectory no matter how much monetary officials claim power and authority.