No sooner had I pointed out that the European Central Bank's balance sheet was, by international standards, comparatively unleveraged, and that this represented a relatively cheap and politically discreet way of European politicians keeping their Doomsday Machine ticking, than Jurgen Stark, de facto ECB chief economist, and German keeper of monetary virtue, packs his bags and offs.
First they came for the short-sellers, then the hedge funds, then. . . .
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