The central bank madmen are raging.
“Punishment Interest” Germans call it with Teutonic precision. Bank: “Just stop saving.”
The incredibly ballooning balance sheet that no one can match (in one chart).
The middle classes – aka “the voters” – expressed themselves last week. They have been sorely used and they know it.
“Hey… you want a wealth effect? I’ll give you a wealth effect!”
The announcement was made with impeccable timing: on Halloween, which is increasingly popular with adults in Japan.
“Punishment Interest” it’s lovingly called in Germany, as the ECB intends to flog savers until their mood improves.
There are many losers when a currency gets smashed.
The new Eurocratic elite is worried. Deep cracks are spreading.
The designated losers of monetary policy. There are a lot of them.