Mario Draghi, president of of the ECB, has been lauded in the press lately for “forestalling a further crisis in Europe”. It seems to me that he should have been hung in effigy instead. The “problem” in Europe is too much debt overhang. Rather than deal with that reality, Draghi has found yet another way to kick the can down the road a bit further so that it can cause a further problem down that road, only one which is worse for having to deal with the additional debt load.
In 20-50 years time, people are going to look back on this time with incredulity that our central banks permitted the massive and unregulated issuance of debt and not only said nothing, but indeed was instrumental to its creation.
Brings to mind that famous book, Extraordinary Delusions and the Madness of Crowds as yet another example of collective insanity.