Europe

Almost exactly one year ago, we wrote "Mario Draghi, Collateral Scarcity, And Why The ECB Will Soon Buy Corporate Bonds." 11 months later, the ECB confirmed this when for the first time ever, Mario Draghi said he would do purchase corporate bonds when he launched the ECB's Corporate Sector Purchase Programme (CSPP), confirming that with government bond collateral evaporating and the liquidity situation getting precariously dangerous and forcing moments of historic volatility (as in the April/May 2015 Bund fiasco), he had run out of other options.

In an interview posted on Swiss Finanz und Wirthschaft, Jeff Gundlach unleashes his deep ir, and in traditional style, offloads on both the Fed and all central banks, sayng that "negative interest rates are the dumbest idea ever", adding that the Fed has given up both trying to normalize interest rates as well as trying to actually stimulate the economy:

Earlier this week we described the personal come to non-GAAP Jesus moment of trading commentator Richard Breslow, who confessed in no uncertain terms that he has had it with endless central banking intervention: "a portfolio built to only withstand stress thanks to central bank intervention is one destined to blow-up spectacularly. The embedded flaw in this new logic is that central banks give investors perfect foresight.

According to the British NGO, War on Want, the real reason why Obama wants Britain to stay in the EU is to impose the TTIP deal on Europe They warn that the US President is currently in the UK to force the “toxic” Transatlantic Trade and Investment Partnership deal on Britain, a move which would allow US firms to demolish the state health system and more… Obama penned an opinion column in Britain’s Daily Telegraph newspaper where among other things he outlined why he believes Britain should remain in the European Union (EU).

Submitted by David Stockman via Contra Corner blog,

Mario had a bee in his bonnet yesterday morning. Apparently, the chorus of German voices pointing to the obvious—- that his policies are killing savers, insurance companies, pension funds and banks—-got his dander up:

“We have a mandate to preserve price stability for the whole of the euro zone, not only for Germany,” he said. “We obey the law, not the politicians, because we are independent.”