Via Monty Pelerin's World blog,

 

 

1. Europe is not in good shape. Anyone who believed they were, should be disabused of such notions.

 2. The forcing down of interest rates once again further exacerbates the longer-term mis-allocation of resources. Such actions may buy time, but only at the cost of greater problems down the road.

 3. Macro-economics is failed witchcraft which should be apparent to anyone paying attention. Yet it will continue to be used to justify “remedial” actions out of desperation.