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Time for ECB bonds! (Yes , things are this bad) – Project Syndicate op-ed

Summary:
ATHENS – During his tenure as President of the European Central Bank, Mario Draghi forged a variety of weapons that he deployed to shield the eurozone from menacing deflationary forces. Without them, the euro would have been history. However, the deflationary specter haunting Europe was never truly defeated and is now back with considerable vengeance. In the dying days of his presidency, Draghi is throwing everything he has at the problem, in the hope of buying time for Europe’s governments and for his successor, Christine Lagarde. But, like antibiotics to which bacteria have fully adapted, his weapons no longer work. On the contrary, they inflict considerable damage on savers in Europe’s heartland, who blame

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Yanis Varoufakis
An accidental economist Let me begin with a confession: I am a Professor of Economics who has never really trained as an economist. But let’s take things one at a time.

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