Well, the new head of the European Central Bank (ECB), Christine Lagarde, delivered her first address. And, if you were expecting something different, then you will be immensely disappointed. In fact, you may pine for the days of Mario Draghi.
But prior to her official statement in Brussels, she spoke to eurozone policymakers and slammed countries that lived within their means and everyone should begin living beyond their means for the sake of consumption and economic growth. Lagarde went as far as slamming Germany and the Netherlands for posting budget surpluses.
She also doubled down on her support for subzero interest rates, proving that she is tone-deaf to the universal opinion that negative rates will create doom.
Lagarde suggested that the situation would be a lot worse if the ECB had not brought rates to record lows. Of course, the eurozone economy has not improved, but it did, well, uh…
What good has come out of Europe since the Great Recession?
But the best part of her remarks came when she said:
“Would we not be in a situation today with much higher unemployment and a far lower growth rate, and isn’t it true that ultimately we have done the right thing to act in favor of jobs and of growth rather than the protection of savers?”
She added: “We should be happier to have a job than to have our savings protected.”
Those lousy savers! They are the cause of all this mess!
Lagarde will make you yearn for the days of Draghi, proving the old adage: It is better to deal with the devil you know than the devil you don’t.
(H/T ZeroHedge)
The truth is all Banksters are devils. Banking takes advantage of the poor savers, less than 2 % on savings and charging 16 to 28 % or higher on credit cards, enough said.