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Friday, March 11, 2016

Draghi's Failed Bazooka - The War on Cash Begins

Draghi's attempt to stimulate the markets yesterday, via the ECB lowering rates to zero and boosting QE, crashed and burned in spectacular fashion yesterday.

All gains by the markets and the Euro went into sharp reverse by the end of the day, as people sought shelter in gold.

What is left now for the ECB and Draghi to do?

The war on cash will now being in earnest:

1 Negative interest rates are coming

2 There will be depositor bail ins, and

3 Cash (starting with high denomination notes) will be abolished.

One way or another the ECB will try to take control of the people's finances, and use it for their own "best interests".

In layman's terms that is dictatorship!

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