RealClearMarkets - QE: A Sedative That Robs The Economy of Vitality: " . . . These bank "jogs" and desperate currency hedges once again largely dissipated once the ECB (and the Fed) promised more anesthesia that September. For its part, the ECB committed to an open-ended OMT or SMP (or whatever they want to call it now), the third or fourth definitive solution in this sorry series. Yet, for all this trouble and contrary to all accepted, orthodox expectations, the Eurozone remains an economic disaster, but at least asset prices are "encouraging." One only has to look at the PMI surveys and construction and industrial production figures just this week to see that Europe is still sinking into further depression, not emerging into a new age of prosperity. It only goes on as it does because the investor class is asleep under the cozy sedation of monetary policy, blissfully unaware of the dramatic economic carnage that continues to be visited in exactly those places monetary surgery is supposed to "cure." That is, at least until another episode of anesthesia awareness. The utter lack of tactful approach in Cyprus last Friday is very much like the hubris the ECB showed in its ELA disclosures less than a year ago. . . ."
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