Europe’s leading economic policy makers have officially thrown in the towel.
Last week, the European Central Bank admitted economic conditions are so dire that it already has to reverse its monetary policy.
I’ll get back to that in a minute…
Following the Great Financial Crisis in 2008, central banks printed trillions of dollars and pushed interest rates to their lowest levels in human history. Low interest rates (and lots of new money sloshing around the system) mean people should go out and buy things that would otherwise be out of reach… new houses, new cars, businesses, etc.
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