David Stockman on the Draghi Put
The ECB can paper over the disaster that is the EU only so long. Eventually there is no hiding the fact that production is down and what is produced is not what is demanded by the market anyway.
My new get rich quick scheme is to form my own country of Barrontonia, apply for membership in the EU, and float a few billion euros worth of Barrontonian bonds, guaranteed by Draghi's ECB. They will sell...there is no doubt...and at a good price. Of course, I do not intend to repay the bonds, but Keynesian economics assures us that this is not necessary. Printing the money and spending it is what is important. It is a win-win situation.