Não cresce

Mais uma sova no senhor Drahgi. "...Taken at face value yesterday’s action by the ECB amounted to a  monetary farce. How could any adult believe that a benchmark rate cut of 10 bps from an already microscopic level of 25 bps would move the needle in an economic zone that is already groaning under of the weight of $60 trillion in public and private credit market debt? Similarly, what exactly is the point of negative rates on excess bank funds deposited at the ECB when there will never be any takers? After all, Euro banks do have alternative parking lots for idle cash. Likewise, how does inventing a grand new acronym called TLTRO hide the fact that its essentially a free toaster program for clever loan book managers? As instructed by this swell new ECB writ, they will presently shuffle some funds out of mortgages, sovereign debt or other speculative purposes yet to be defined and into approved “productive” loans. And then they will pass “go”, collect some cheap TLTRO funding from the ECB and collect their own performance bonus for all the bother..." (David Stockman). Afirma ainda este economista americano que o dinheiro PIB parou de crescer na zona do euro, porque a carga acumulada de dívida e impostos se desligaram dos motores do crescimento capitalista.