"The European Central Bank launched its long-awaited bid to revitalise the Eurozone economy and counter deflation with a €60bn-a-month bond-buying programme that was far larger than investors had expected."
"Sovereign bond yields haven't been so low since the 'Black Plague': how much more bang can you get for your buck?"QE is not going to help at all. Europe has far greater reliance than the US on small and medium-sized companies (SMEs) and they get their money from banks, not from the bond market."Even after the stress tests the banks are still in 'hunkering down mode'. They are not lending to small firms for a variety of reasons. The interest rate differential is still going up,"
"He said the global elastic has been stretched even further than it was in 2008 on the eve of the Great Recession. The excesses have reached almost every corner of the globe, and combined public/private debt is 20pc of GDP higher today. 'We are holding a tiger by the tail,' he said."