Monthly Archives: Saturday March 3rd, 2012

Will the prophet Putin be proven right?

Vladimir Putin, peering into the future.

Last November, when the euro-shit really started to hit the fan, Vladimir Putin – with his habitual freedom of expression – predicted the European Central Bank would need to intervene to the tune of €1.5 trillion.

Mario Draghi, who became ECB president that month, went on to prove the Russian premier two-thirds right by injecting a mind-exploding €1 trillion in low-interest three-year loans to eurozone banks. Things have calmed down since the wily Italian bowed to the inevitable and did this little bit of steal QE.

Still, as Charlemagne points out, there is still plenty that can go wrong, which might prompt the ECB to prove Putin 100% right.