You know that right wing argument that we should reduce our deficits by reducing government spending, rather than raising taxes? The ECB just called B*.
Europe tried to do exactly that. The buzzword is (was?) "austerity". And it failed miserably.
While Obama's stimulus and the Feds easy money policy (aka "quantitative easing") worked brilliantly. The factual results.
The recovery in the US has far outstripped the rest of the developed world, in every economic index that matters. Unemployment? Check. Value of the stock market? Check.
The next two criteria show just how worthless "austerity" is, and how successful the policies of the last 6 years have been. The value of the currency? Check and double check. The US dollar, after all our stimulus, all our quantitative easing, is once again riding high. Very high. Not exactly what the right wing predicted. The last one? The deficit is down dramatically, too.
5 years ago, the right wingers were all doom and gloom. The stimulus and our fiscal policy would ruin the American economy. We'd have rampant inflation. Deficits would balloon. The dollar would tank. 5 years later their argument is reduced to a whiny "you just wait".
The ECB, based on the facts, decided not to wait. They're trying a bit of quantitative easing themselves. Just a trillion dollars. With a t. In Euros, not that that's quite such a difference with the dollar recently.
Now everyone has a choice. A discredited philosophy, or a policy that clearly worked. The experts at the ECB have chosen.
More commentary on the ECB move, more proof; facts, not political philosophy.
"Flows into EPFR Global's European regional equity funds rose to one-year highs in the week leading up to the ECB announcement, EPFR Global said. Exchange-trade funds tied to Europe rallied following the ECB move this week. The SPDR Emerging Europe ETF (GUR.P) jumped 3.7 percent this week, its biggest weekly gain since September."
http://ift.tt/1yrmCa7
"Despite Syriza Victory In Greece, Markets Calm After ECB Stimulus Plans"
http://ift.tt/1yrmCab
"Global investors had widely expected the ECB to unveil the QE program, with European financial markets pushing to a seven-year high on Thursday ahead of the bank's announcement. "
http://ift.tt/1zqzyUQ
There are political naysayers in Europe too, of course. But they too are swimming upstream against the facts. The ECB was so confident about this move they basically told the most powerful EU leader, Angela Merkel, to take a hike.
Europe tried to do exactly that. The buzzword is (was?) "austerity". And it failed miserably.
While Obama's stimulus and the Feds easy money policy (aka "quantitative easing") worked brilliantly. The factual results.
The recovery in the US has far outstripped the rest of the developed world, in every economic index that matters. Unemployment? Check. Value of the stock market? Check.
The next two criteria show just how worthless "austerity" is, and how successful the policies of the last 6 years have been. The value of the currency? Check and double check. The US dollar, after all our stimulus, all our quantitative easing, is once again riding high. Very high. Not exactly what the right wing predicted. The last one? The deficit is down dramatically, too.
5 years ago, the right wingers were all doom and gloom. The stimulus and our fiscal policy would ruin the American economy. We'd have rampant inflation. Deficits would balloon. The dollar would tank. 5 years later their argument is reduced to a whiny "you just wait".
The ECB, based on the facts, decided not to wait. They're trying a bit of quantitative easing themselves. Just a trillion dollars. With a t. In Euros, not that that's quite such a difference with the dollar recently.
Now everyone has a choice. A discredited philosophy, or a policy that clearly worked. The experts at the ECB have chosen.
More commentary on the ECB move, more proof; facts, not political philosophy.
"Flows into EPFR Global's European regional equity funds rose to one-year highs in the week leading up to the ECB announcement, EPFR Global said. Exchange-trade funds tied to Europe rallied following the ECB move this week. The SPDR Emerging Europe ETF (GUR.P) jumped 3.7 percent this week, its biggest weekly gain since September."
http://ift.tt/1yrmCa7
"Despite Syriza Victory In Greece, Markets Calm After ECB Stimulus Plans"
http://ift.tt/1yrmCab
"Global investors had widely expected the ECB to unveil the QE program, with European financial markets pushing to a seven-year high on Thursday ahead of the bank's announcement. "
http://ift.tt/1zqzyUQ
There are political naysayers in Europe too, of course. But they too are swimming upstream against the facts. The ECB was so confident about this move they basically told the most powerful EU leader, Angela Merkel, to take a hike.
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