Mr Khan said:
The only flaw was the political control over the central bank. If Draghi had carte blanche to do what needed to be done, as Ben Bernanke/Janet Yellen had, much of the mess could have been averted; easy money in the short term should have been matched by schemes to close deficits in the medium term, which is similar to what happened in the US, albeit not planned by anyone (in terms of deficit closing because of the chaotic Sequestration policy due to government gridlock). Soft money policies can't solve all the problems, but we've seen in Europe how very real the human costs are of a "shock therapy" style approach to structural reform and state debt. Although EU should have been paying closer attention to Russia in the 90s to know that it was going to be a terrible idea in the first place. |
they should have never let draghi take over the ecb, hes an idiot, he lifes in a bubble. he is trying things that never worked. QE was never a good idea, it didnt worked in japan and it didnt worked in the usa and it will not work in europe. QE just blow up bubbles till they burst. but his buddies at the banks wanted MOAR cheap money so he delivered MOAR money... he could have handed out money directly to every citizen, or invest in real things with fresh ecb money, that wouldnt have broken any laws, QE does.
