Mike Whitney on the EZ debacle

Mike Whitney looks at the EZ and doesn't like what he sees.

Read it at CounterPunch
The Colossal Muddle
by Mike Whitney

A sampling:

Europe’s agenda-driven politicians have savaged economies in the south, slashed the flow of credit to capital-starved emerging markets, and extended a growth-choking pall across the continent. Whose idea was it to put the world’s future in the hands of ideologues who still think we’re on the gold standard?
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The reason Draghi hasn’t pushed to be the lender of last resort is because he can simply “slash bond purchases” and effect the changes he wants. As a G-Sax alum his loyalty is to big finance, which means that his real aim is to implement policies that serve the interests of fatcat speculators. He doesn’t want a blank check to bail out the system. What he wants is a pressure point that allows him to impose his neoliberal vision on all of eurozone. The ECB’s bond buying program has become a form of financial coercion.