Central banks are the root of the problem. He calls it a placebo.

There is a case to be said that there is to much liquidity around but what cannot really be quantified is what sort of positive situation we would be in without it.

He goes on;

  • On Draghi: Central banks can only buy time
  • Says he’s not criticising ECB policy
  • ECB is doing it’s job right

Carry on then.