The Phaserl


Reckoning Day Eve

by Andrew Hoffman, Miles Franklin:

In February’s “Draghi’s Reckoning Day,” we re-emphasized what we have said since Mario Draghi’s infamous July 2012 speech – when he promised to do “whatever it takes” to save the Euro” and “believe me, it will be enough.”  That is, no matter how much money printing, market manipulation, and propaganda he engaged in – the ECB would eventually have to “pay the piper” for sentencing Europe to the same fate as his “partners in crime” at the world’s other major Central banks.  We had no doubt the death spiral Europe was entrenched in would get exponentially worse in true Ponzi scheme fashion; and less than two years later, could not have been proven more correct.

Today, European unemployment, youth unemployment, debt and social unrest (see last week’s EU Parliamentary election results) are at or near all-time highs with all relevant metrics moving in the wrong direction.  And thus, pressure on the ECB to “act” has grown so powerful, it is all but a fait accompli it will announce new draconian monetary easing policies tomorrow; including, potentially, negative interest rates, a new LTRO or “Long-Term Refinancing Operation” for its hopelessly insolvent banking system or even flat out QE.  And thus, on this “Reckoning Day Eve, we focus on the likelihood that the most powerful money printing group yet is about to push global price inflation to the forefront; and with it, the urgent need to protect oneself with real money.

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