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.