No one knows how to back out without blowing up the whole system.
“A hostile landscape.”
“Negative interest expense” or some such absurdity yet to be coined.
But Draghi Still Doesn’t Get it.
And the Bitter Irony?
If “punishment interest exceeds the pain threshold….”
“Derail an expansion and deepen a subsequent recession.”
Meanwhile, exports collapse at fastest rate since 2009.
Those Sinking Banks
A banking crisis radiating out from Europe?