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From Karl Smith, responding to outgoing ECB President Jean-Claude Trichet’s continuing insistence on choking off the economy with tight money:
Obviously the European Central Bank (ECB) has nearly unlimited power to inflict suffering on the people of the Eurozone. And, from the looks of it they it intend to use it.
Read the rest for some wonkery to fill in the details. But really, the two sentences above pretty much tell the story.
