ECB Throws a Party, Nobody Shows Up

By introducing liquidity programs he knows are doomed to fail, Mario Draghi is slowly seducing the Bundesbank into sanctioning quantitative easing.
PRINCE MACHIAVELLI, I PRESUME?

European Central Bank President Mario Draghi is a smart guy, with a career including stints at Goldman Sachs, the World Bank and the Bank for International Settlements. So there must be a reason he has created a bank-lending program that not many banks want to borrow from, and an asset-backed bond purchase program that I can't find a single market participant to applaud.

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