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The ECB’s bond-buying programme – “a grave menace to our civilisation”?

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The European Central Bank has announced a programme of bond-buying of €60 billion a month, to be carried out at least until end-Sept 2016. Monetary policy around the world remains in the midst of a remarkable experiment: money creation is expected sustainably to solve real economic problems. It is possible that there is something dangerously wrong with mainstream economic thought. Hayek’s conclusion to The Pure Theory of Capital is a spectacular rant against those economists who consider only the short-run, surface […]

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Top German quits ECB over bond-buying row | Reuters

Via Top German quits ECB over bond-buying row | Reuters, an astonishing story: The ECB confirmed Executive Board Member Juergen Stark, the central bank’s chief economist, would leave “for personal reasons” by the end of the year once a replacement was found, after Reuters reported exclusively that he had quit. … While Stark gave no public explanation for his resignation, he sent an article to German financial daily Handelsblatt for publication next Monday in which he said the only solution to […]

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