Whatever it takes
In 2012, Mario Draghi promised to "do whatever it takes" and "take out a Bazooka" in order to boost the European union growth. Globally, many other central banks are cutting rates. Eventually, this will not end well, but for now, whatever marginal growth is possible globally will also be seen as helping the US short term.
Please let us not have a debate about whether this will cause malinvestments and that continually lowered interest rates will eventually slow bank lending. I am trying to call what is happening this week. Long-time readers