ECB head Christine Lagarde is running into the reality that sooner or later she’s going to have to turn off the fiat debt machine. From Tom Luongo at tomluongo.me:
I know you probably get tired of me saying this but the Euro-zone is headed for a massive crisis. On Thursday, June 9th, the ECB came out with its policy statement, less than one week before the next FOMC meeting statement (June 14th).
It was a doozy. Christine Lagarde attempted early on to project that soothing calm central bankers are supposed to exude even when everything is collapsing around them.
But, truly this was Lagarde’s ‘Baghdad Bob’ moment. She stood up there and read the ECB’s policy statement off the teleprompter like she had something caught in her throat, likely the remnants of what is left of her conscience, because even she couldn’t swallow the bullshit she was slinging.
We have inflation under control. We will still grow in 2022 (BWAHAHAHA!) and growth will accelerate in 2023 and 2024. These people haven’t gotten one quarterly forecast right in … forever, and yet they project this idea that they have any clue what GDP growth will be in 2024?
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