GLOBAL FINANCIAL SYSTEMS ROTTEN TO THE CORE

The European Central Bank’s debt monetization and negative interest rates, while obscuring the sorry state of the European economy, have only made it sorrier. Chronic debt issuance has left many European governments, and their banks, which own much of that debt, one economic or financial crisis away from insolvency.

Never underestimate the petulance of humiliated Eurocrats, or other poobahs for that matter. What terrifies the Eurocrats is the virtual certainty that the British economy will outperform Europe’s after the Brexit.