, Columnist
Companies Get Paid to Be Junk in Europe
ECB bond purchase program distorts market in unpredictable ways.
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Mario Draghi is creating a monster credit bubble, and he doesn't seem to care. In fact, that seems to be his goal.
About three months ago, the Draghi-led European Central Bank started buying corporate bonds in the region for the first time. The results have been dramatic and, at times, alarming.