A sterile landscape

A place incapable of supporting life as we know it - a good description of where ECB monetary policy is leading us.

Currency debasement is almost certainly where we are headed because of Draghi’s assertion the euro is irreversible, not despite it. He bravely assumes that in making such a statement, he is creating an aura of consensus and strength. In its current form, the euro is a busted flush and is being held together solely by political intransigence and ECB connivance. From the very beginning, the rules of engagement were ignored because without political and fiscal centralisation they were not going to work anyway. But did this stop most of the eurozone countries – and the Southern ‘Methadone...