Now we've had the privilege to hear fron the Oracle of the ECB. Some might say the Scold of the ECB. One day after global markets went slam, bam, no thank you man, Magic Mario told investors to calm down, blaming "markets for messing up."
Yes, this is Magic Mario in his earlier today address to the Economic Club of New York where, referring to his interest rate cuts the day before, he said: "It was not a package meant to address market expectations," concluding the whole thing was "overblown." Oh, and one more thing. Deflation is no longer on the table and the ECB's stimulus packages are "already working."
But here's the quote we relish most and so should you because it shows just how dangerous this former Goldman Sachs executive trainee now turned bureaucrat is. "We have the power to act. We have the determination to act. We have the commitment to act," he said, possibly stealing a rhetorical ploy from Winston Churchill.
In less than two days Magic Mario gouged the markets from a sell off to a big rally. Some might call it jerking the markets as in volatile swings in an attempt to repair the damage he caused.
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