"You Look Remarkably Calm For Someone Who Issues €2.5 Trillion Out Of Thin Air" - Dutch Politician To Draghi

Tyler Durden's picture

Used to a fawning press corps and clueless politicians, perhaps Mario Draghi was expecting a warm greeting, a series of softball questions from Dutch lawmakers, and some late night entertainment on Wednesday when the ECB president made a rare visit to the Hague. Instead, what followed, was an "unenviable grilling" from Dutch MPs for nearly two hours in the country’s parliament today which, as the FT said, left the usually implacable Italian confrontational and riled up as tempers flared and Dutch politicians probed Draghi on the ECB’s record of transparency, and attacked policies they said subsidized southern European countries and harmed Dutch pensioners.

The reason Draghi occasionally travels to national capital cities is to defend the bank’s actions: most recently to Berlin, in late September. That trip helped to soothe German lawmakers as the ECB prepared to extend its stimulus again. Draghi was hoping to do the same with Dutch lawmakers who have been far less critical of the ECB's actions compared to their German peers, in the past.

He was in for a surprise.

“You still believe this [QE program] is fully within [the ECB’s] framework and you have not been doing any government financing, even though you [will have] bought €2.5 trillion of debt by the end of the year?” asked Pieter Omtzigt, a member of the center-right Christian Democratic Appeal, a sarcastic look spreading on his face.

Naturally, Draghi strongly defended the ECB’s decisions, which he said had helped support households throughout the region, including in the Netherlands. He also brushed off calls for a swift exit from QE.

“It is too early to declare success,” Mr. Draghi said quoted by the WSJ. “Maintaining the current very substantial degree of monetary [stimulus] is still needed for underlying inflation pressures to build up.”

Meanwhile, as inflation and growth has picked in Europe, up if only temporarily, Dutch and German politicians have been calling with increasing urgency for the ECB's "extraordinary measures" to reverse course. The ECB's balance sheet has already risen to an all-time high of €4.16 trillion and as of this month has surpassed that of the Federal Reserve, which stands at around $4.5 trillion.

Draghi claimed that despite the apparent recovery, his job isn’t yet done as "underlying inflation remains weak, and the bloc’s unemployment rate, at 9.5%, is far too high." He also highlighted ECB research, published Wednesday, suggesting that up to 18% of eurozone workers are underemployed, meaning they would like to work more hours, or have temporarily left the labor force. In other words, more QE is needed.

That, however, did not sit too well with the Dutch lawmakers who, unlike their peers in much of the developed world, appears legitimately concerned about retirees who are collecting 0% on their savings (and in some cases, even paying the bank), and led to several heated exchanges, such as this one in which Draghi was asked about the possibility of a eurozone member needing a debt restructuring, to which the former Goldman employee snapped:

"We don’t want to speculate on the probability of things that have no chance of happening. Why are you asking me that?

Confronted with the possibility of the Netherlands exiting the monetary union from eurosceptic MP Thierry Baudet, Mr Draghi sniped:

"The euro is irrevocable. This is the treaty. I will not speculate on something that has no basis. Our monetary policy has created the recovery…[and led to] 4.5m jobs in the eurozone so far. That’s the reality, the rest is speculation."

“You’re saying there’s zero probability?” said Renske Leijten, representing the left-wing Socialist party.

“Our policy has created 4½ million jobs, that’s the reality,” retorted Mr. Draghi. It has also created the biggest social divide during peaceful times Europe has ever seen.

The attacks continued when one Dutch MP said the ECB’s stimulus might have made Draghi a hero in southern Europe, but not in Holland.

“It’s not my job to be a hero, just to pursue my mandate,” Mr. Draghi responded and justified his actions by admitting to peer pressure: "The ECB has done no more than other major central banks in the U.S., U.K. and Japan," which also launched major stimulus programs in recent years.

The punchline, however, belonged to Lammert van Raan, a member of the left-wing Party for the Animals who said “you look remarkably calm for someone who issues €2.5 trillion out of thin air, especially when your chief economist says there is no Plan B.”

It is unclear what Draghi's reaction was but it is safe to say he continued to look remarkably calm. Watch the exchange 1 hour 49 minutes in.

* * *

The end of the pointless meeting was amusing, not to mention symbolic: the Dutch lawmakers gifted Draghi with a tulip, a symbol of the Dutch tulipmania of the 17th century which led to the world's first global financial crisis. 

“We want you to look at this tulip before your meetings”, said committee head Pieter Duisenberg, who is the son of the ECB’s first president, Wim Duisenberg.

Peter Duisenberg, son of the first ECB president

Meanwhile, this is what the current version of tulipmania looks like.

Draghi's reaction"

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NoDebt's picture

Remember when the strongest phrase we could come up with to describe something remarkable on ZH was "since Lehman"?  Man, we're WAY past that now.  Every day a new world record.



JRobby's picture

Obviously Lammert van Raan is unaware that Draghi is an android?

Raffie's picture

Draghi is not a android. *beep boop vroom BOOM BOOM bloark*  *bitty bitty bitty* (Twiggy from Buck Rogers)


Yukon Cornholius's picture

What Draghi really wanted to say to the Dutch was....

Give me control of a continent's money and I care not who makes the laws.

Mr 9x19's picture

draghi looks like evil pedo-porn just fist fucked by two afro kids.

he should come in our range to be head shot, just because his lame fuck face is walled on all my fucking bills i hide from the bank.


it is so lame to be european, i just tell you.

AltRight Girl's picture

Yeah, it stinks to be european. All those banksters colonies are filled with beta people. They looks so disgusting

Maybe the Brits might wash the european stink away. But at the same time they are plagued by shitskins and are afraid to use an iron hand

Britain’s First All-Female Islamist Terrorist Plot Failed Miserably

TwelveOhOne's picture

Maybe you can pay for your advertising in the future.  GTFO.

BullyBearish's picture

dragqueen, "so easy even a caveman coulda do it..."

GUS100CORRINA's picture

"You Look Remarkably Calm For Someone Who Issues €2.5 Trillion Out Of Thin Air" - Dutch Politician To Draghi

My response: I am calm because it is NOT MY MONEY, IT IS YOURS YOU IMBECILE!!!!!!!!!

Here we have a politician where the LIGHTS ARE ON, BUT NOBODY IS HOME!!!!

Mountainview's picture

After Draghi, Ponzi and Madoff will look like a financial dwarfs.

peopledontwanttruth's picture

The USA and Europe have dug a hole to the center of the earth and there's many nations standing around it with a shovel to cover them over.

This is complete insanity at this point

Dirtnapper's picture

Japan and China are right there with us.


peopledontwanttruth's picture

Good observation. When I see the world demonize Iran and Russia constantly that tells me that the financial "elite" know who has the ability, desire and capability to bring this whole charade to an end. Seen article recently that even the Arab world is turning on Iran for wanting to defend itself against SA when they're the one who stated they'll bring a war to Iranian soil.

More going on than meets the eye.

small axe's picture

He's a Class A econoterrorist

E.F. Mutton's picture

you look remarkably calm for someone who issues €2.5 trillion out of thin air, especially when your chief economist says there is no Plan B.”

"I have a bunker with a helipad and a security detail to get me there, Peon Bitch - that's my plan B" - Mario

Grumbleduke's picture

in other words - an economist.

Sounds right: Yesterday, if you wanted to describe something big you'd say "astronomical" - today, you say economical.


Bill of Rights's picture

We make beleive to work to pay bills with make beleive money...its all fake.

just the tip's picture

i learned it as, "we pretend to work, they pretend to pay us."

jamesmmu's picture
More than 50% of Brits are Convinced That the EU is Trying to Derail Brexit in the June Election


Pandelis's picture

they are clearly trying to interfer with UK politics ... thats what PM theresa may says why should they believe otherwise

Ghordius's picture

right, she says so... and she gets more votes for saying that

Ghordius's picture

what "derail"? PM May's words: "No Deal Better Then Bad Deal"

Hard Core Brexiteers in the UK all push for No Deal, remember? while claiming that the EU will automatically provide for whatever, "don't bother me with details", or something, it's all very confused there

seriously? until the elections in June, Brexit is "on hold". the only ones that could shape the discussion is the Tories and Labourites, and they won't

Bryan's picture

Hey, how do I join their political party, the Left Wing Party Animals.  Sounds fun.

Bill of Rights's picture

All you have to do it act and look like a retard....free admission.

Bryan's picture

Awesome, I can do that.  Where's the line for the keg?

VD's picture

ECB + Fed + BOJ + SNB + BOE = BIS = Deep Corp.

meditate_vigorously's picture

Jew conspiracy + Jew conspiracy + Jew puppet bank + Jew conspiracy + Jew conspiracy = Jew conspiracy = what?

Mountainview's picture

(Ponzi x Madoff) square

Ghordius's picture

A plastic tulip? Not Impressed

Draghi is Italian. A Dutch EuroGirl jumping on his desk would have impressed much more

note the graph/numbers: EuroSystem. that's the ECB and 19 national banks together

joeyusa's picture


Ghordius's picture

did the ECB or the 19 national banks create that debt? nope
are they in Brussels? nope
are they appointed? yes. that's our PMs, too

look, those rants have some faint validity in the US, with the FED
but not in the eurozone. which any of the 19 can exit, btw

Grumbleduke's picture

it's easy as a divorce - one (usually the man) gets fucked over, the other has life-work balance figured out.

Now, who's the one and who the other in this Brexit thingy? Time will tell.

meditate_vigorously's picture

Draghi is obviously a crypto and the Chosenites have no loyalty to nation states.

TheNuclearGenie's picture

Does europe really need this smiling motherfucker? Fucking wasp whore.

Grave's picture

what smile? you mean that slimy rat grin?
just screams psychopath/sociopath in power, fully aware no one is willing to do shit about whatever his rat nest is doing

JRobby's picture

That "slimy rat grin" was a 1.25 million Euro upgrade custom designed by the android manufacturer!

After all, when using taxpayer funds, money is no object!!!

buzzsaw99's picture

it's not his money why should he care?

GlassHouse101's picture

If you were alive when Jesus was around, and you spent 1 Million dollars every day, you STILL wouldn't have spent 1Trillion dollars today. 


peopledontwanttruth's picture

Glass, that truly is incredible when you really take that in.
You stated "If you were alive when Jesus was around",

I really think we may have missed his first visit but we won't miss his second one!

FinsterF's picture

The ECB makes the US Fed look good.

gdpetti's picture

Sad but true... probably because these countries have been at this alot longer... one kingdom or empire after the other, always seeking someone, some country to exploit... as all empires feed upon others, so if their food runs out, their empire collapses... and these fools in power are a direct indication of that... these puppets, psychos, pedophiles are tools of statecraft in manipulating the herd... us.

That said, it's funny how the Southern Euro countries keep getting blamed for all those North Euro bankers. The simple reality of why the ECB bails out the South is because they are really fronting the bailout of the North. THe hard part is keeping the peoples in the North 'on message'.. believing in the propaganda fed to them in the MSM, which constantly reinforces these lies... same here in the States, thus the problem the OWO is having in herd maintenance... they are losing this main arm of mind control/conditioning....

eltxamo's picture

Meh, the eurozone has similar population than the US, devaluation wars, looks like Japan, with a much smaller population than US and UE is winning.

Safelyundergroundlul's picture

Fruits of the reformation. 

VWAndy's picture

 The fiat magic makes stupid work well. Until it dont.

seabass974's picture

An Italian sitting in Frankfurt dishing out German savings and pensions to Italians .. you could't make that sh*t up.   How gullible are the Germans?

slyhill's picture

Easy: No Skin In The Game.

BigFatUglyBubble's picture

His smile is good, but not on par with Goldman boys.