European Central Bank And Mario Draghi
Increasingly, amidst the worsening Eurozone debt crisis. the European Central Bank is becoming the center of gravity for not just insolvent sovereigns within the Eurozone; the bulk of the global economy is facing towards the ECB president, Mario Draghi, in much the same way as the pious do towards Mecca. With the bulk of Europe, including not only the Eurozone countries but also the UK mired in recession and unending economic crises, the bond vigilantes and investors have largely given up on the politicians.
Will Mario Draghi follow the pattern of the U.S. Federal Reserve and its chairman, Ben Bernanke, in dropping loads of cash from his virtual helicopter, freshly conjured out of thin air through the magic of the central bank’s printing press? It is a sign of the times, and the incessant global economic crisis, that supposedly sophisticated investors are desperately hoping for the unleashing of a torrent of legal counterfeiting by the central bankers as the final chance to ward off fiscal calamity.
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