{"id":185031,"date":"2011-11-03T17:13:00","date_gmt":"2011-11-03T22:13:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/11\/03\/not-enough-but-a-step-in-the-right-direction\/"},"modified":"2011-11-03T17:13:00","modified_gmt":"2011-11-03T22:13:00","slug":"not-enough-but-a-step-in-the-right-direction","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/11\/03\/not-enough-but-a-step-in-the-right-direction\/","title":{"rendered":"Not Enough, But a Step in the Right Direction"},"content":{"rendered":"<p>The European Central Bank, in the first meeting since Mario Draghi replaced the clueless Jean-Claude Trichet as president, the <a href=\"http:\/\/www.bloomberg.com\/news\/2011-11-04\/draghi-chooses-ecb-rates-over-printing-press-as-crisis-breeds-recession.html\">ECB has chosen to cut rates<\/a>.<\/p>\n<p>Seeing as how the whole world, and in particularly the increasingly desperate cluster f%$# that is the Euro Zone, are in the the midst of a liquidity crisis\/debt overhang where cheap money won&#8217;t do much.<\/p>\n<p>That being said, the fact that Draghi did not wait a few months in order to save face for the ECB, and that he&#8217;s actually warning of an upcoming recession indicates that he is a bit more of a &#8220;reality based&#8221; than your typical central banker, who typically only give a sh%$ about inflation.<\/p>\n<p>It should be noted that this is actually a significant departure from prior ECB policy, because Draghi appears to be sending a message that he will, at least temporarily ignoring the (under the current circumstances absolutely absurd) 2% inflation target.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Central Bank, in the first meeting since Mario Draghi replaced the clueless Jean-Claude Trichet as president, the ECB has chosen to cut rates. Seeing as how the whole world, and in particularly the increasingly desperate cluster f%$# that is the Euro Zone, are in the the midst of a liquidity crisis\/debt overhang where &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,1004,1089,985],"tags":[],"class_list":["post-185031","post","type-post","status-publish","format-standard","hentry","category-europe","category-finance","category-recession","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185031"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=185031"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185031\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=185031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=185031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=185031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}