Only Mario Draghi’s ECB can avert global calamity before the year is out

 

Mario Draghi has promised the moon. The European Central Bank’s council had better deliver on his pledge this week. If it does not, the crisis will surely escalate out of control in August or soon after.

Nobody knows where the point of political revulsion lies but monetary and fiscal suffocation has already brought Barcelona and Madrid to the point of blows, since the Catalans have been forced by the perversities of Spain’s tax system to request a “rescue” even though they subsidize the rest of the country.

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