Observing Hermann Observes:
“The European Central Bank – which raised rates into the teeth of the crisis in July – has played a shockingly destructive role in this enveloping slump. Its growth predictions this year have been, and still are, delusional. Neglecting its global role, it has vastly complicated the fire-fighting efforts of Washington.But in spite of all of that data and discoveries of just how Hypo getting a government hypo only looks like the beginning, one of his commenters resorts to the ignorant European fallback position of being clueless about the entire subject, and calling anyone making the observation “ideological”.
It could have offered cover to the US Federal Reserve this spring when Ben Bernanke was forced by events to slash rates to 2pc. It could at least have signaled an end to monetary tightening. That is how an ally ought to behave.
Instead, it stuck maniacally to its Gothic script, with equally unhappy consequences for both sides of the Atlantic, as well as for China, Japan, and India… Far from offering reassurance, the weekend mini-summit of EU leaders served only to highlight that nobody is in charge of this runaway train. There is still no lender of last resort in euroland...
in spite of the fact that his predictions never materialise... That really disappoints me. From reading your blog I thought youd have the rigor to at least look behind that most blatant propaganda and dont use it to reaffirm yourself in that knee jerk manner of a hopeless ideologist.Even if the repetitive crap is true...
That these same sorts have for the past 20 years without a shred of data said that “the American dream is die-ing,” apparently, ISN’T ideological of course... No wonder then than we find an American political party with the same ostrich-like reaction to losing their meal-ticket.
After the Sub Prime Crisis already started in 2007 Obama says Sub Prime Mortgages that gave houses to people who couldn't afford them was a good idea.