In what may be a historic first, as part of his answer to the last conference question on whether it is time for the ECB to start onboarding risk on its balance sheet, Draghi had a simple answer:
- DRAGHI SAYS ECB DOESN'T GO AROUND WITH HELICOPTER MONEY
Now... is that just a little chopper envy, bourne out of disdain for the Buba's "just say 9,9,9" position, or is this the start of an actual slamdown between the ECB and the Fed. Surely even Draghi realizes that with the private sector in Europe hibernating with zero or negative loan creation in the past four years, and with the ECB unwilling to inject unsterilized liquidity, there is no hope of actual European growth ever (because sadly we live in a Keynesian world in which economic growth is always and only a function of new money injected into the system). And yes, BOJ and Fed cash will only push stock markets higher for so long before the economic tide goes out, youth unemployment hits 100% and the revolution finally takes place.