FOR THOSE WHO DOUBT THAT THE ECB IS NOT REALLY ABOUT INFLATION, BUT ABOUT DEBT SUSTAINABILITY INSTEAD, HERE'S AN EXCERPT FROM MY BOOK THE GREAT REBALANCING.

YOU CAN FILL AN ENTIRE BINGO CARD WITH ALL THE BOND-BUYING PROGRAMS THAT CENTRAL BANKS HAVE LAUNCHED THROUGHOUT THE YEARS. MOST OF THEM HAD NOTHING TO DO WITH INFLATION! QE1, QE2, QE3, QE4 TALF PDCF CPFF MMIFF BTFP SMP LTRO TLTRO OMT APP PEPP TPI BUT I COULD BE WRONG, OF COURSE. — VIA @JSBLOKLAND

YOU CAN FILL AN ENTIRE BINGO CARD WITH ALL THE BOND-BUYING PROGRAMS THAT CENTRAL BANKS HAVE LAUNCHED THROUGHOUT THE YEARS. MOST OF THEM HAD NOTHING TO DO WITH INFLATION!