Saxo Bank CIO and chief economist Steen Jakobsen made a few comments the other day that hit me in the face like a bucket of ice water.

Here they are again, taken from Steen Jakobsen Warns "Euro is Not a Good Idea and ECB About to Make Biggest Mistake in History"

Jakobsen says success stories like the three QE Federal Reserve (Fed) cannot be extrapolated to the Eurozone. His reason? The US is a net debtor and falling interest rates affects international creditors and rising national income. In Europe the opposite is true. Citizens of the euro countries are net savers, which means that falling interest rates deteriorates their income and does nothing to activate the economy.

That paragraph stood out because Michael Pettis at China Financial Markets has made similar statements about interest rates in China.