Europe is the world capital of idiocy right now, even more so than the U.S. From Tom Luongo at tomluongo.me:
No matter what happens, as long as Davos feels they have control over US foreign policy they will continue to act as if everything is coming up roses for them as they trash the global economy.
This is why I find the myriad attacks against a mostly clueless Joe Biden so interesting right now. Is there a Davos pivot in the offing or is this another signal that sovereigntist forces within the US power structure are gaining the upper hand?
With that question in mind let’s put some context on recent European events and what they say about the global story unfolding in front of us.
The ECB finally raised rates for the first time since 2011, bringing the benchmark ‘lending’ rate to -0.1%, because I guess it would be beneath ‘European values’ for banks to have to pay to borrow money stolen from savers.
Some would be shocked (SHOCKED, I SAY!) that the ECB went up by 50 basis points (0.5%) today, but given the dramatic events in Italy just yesterday, how could they have really done otherwise without looking like the out of touch midwits they, in fact, are.
