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ECB president Mario Draghi claims he has more tricks up his sleeve. One analyst said he's throwing spaghetti at the wall to see what sticks.
Monetary policy is a blunt tool. Structural insolvency issues persist. Central bank intervention is short-lived. Core problems remain unaddressed.
European credit crunch issues cause more problems. Germany's done heavy lifting for the continent. Cross-border lending by its banks fell nearly 20% in the past seven months. It's back to 2005 levels.
Deposits keep leaving Greece, Portugal and Spain for safer locations. At the same time, European banking faces a trillion euros worth of bad loans. Today's numbers are 9% greater year-over-year. Overall, 2.5 trillion euros are non-performing.
Solutions call for more debt. Fires aren't extinguished by throwing fuel on them. Central bankers and politicians avoid responsible actions. Existential moments await all poorly run economies.
Progressive Radio News Hour (PRNH) regular Jack Rasmus predicts economies will head south ahead. America's stagnating economy remains weak. Recovery is an illusion.
The economy needs growth above 2.5% to create jobs. Dismal numbers reported are overstated. Jobs are lost, says Rasmus. Tax cuts don't create them. Neither do corporate handouts. Ahead things look worse.
These type policies have "zero impact on the economy and job creation," says Rasmus. Claiming otherwise is a myth. Policy-makers and media scoundrels repeat it ad nauseam.
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