Europe and the ECB Have Officially Entered the END GAME
By: Graham Summers
GoldSeek.com
Friday, 9 September 2016
It’s GAME OVER for the ECB and for Europe.
The ECB has cut interest rates into negative territory four times. It has also spent €1 trillion in QE bringing its balance sheet to a record high.
These are truly extraordinary policies. Keynesian shills usually claim that the reason their policies don’t work is because a Central bank hasn’t done “enough.” At FOUR NIRP cuts in two years and €1 trillion in QE the ECB has most certainly done enough.
And what has it got to show for it?
The ECB is close to exhausting its ammunition and appears increasingly powerless to do more under the legal constraints of its mandate. It has downgraded its growth forecast for the next two years, citing the uncertainties of Brexit, and admitted that it has little chance of meeting its 2pc inflation target this decade, insisting that it is now up to governments to break out of the vicious circle.
The Rest…HERE
