And we can't find employment that pays;
Pray what can you do
To carry us through
Our long economic malaise?"
"Central bankers are touched by your trouble,
So our efforts we'll boldly redouble
To keep money soft
And hold you aloft
On a frothier stock-market bubble."
These were my thoughts on reading yet another article on the likelihood of more ECB stimulus to address that continent's deflationary dangers. Not that I have anything against ECB (or Fed) stimulus per se; it's just that I'm skeptical that the management of inflation and deflation will do very much to address the serious long-term unemployment problems in the Old World and the New, and I'm not sure that the risk of frothier markets is worth it.
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