``Draghi's LTRO is a band-aid on a sucking chest wound. Europe is still in the throes of a major financial crisis exacerbated by policymakers who insist on implementing strategies which short-circuit spending and increase systemic instability. Fiscal belt-tightening has failed to produce a recovery in any of the countries where it's been tried.'' -- Also covers many recent developments in the economic situation in the US and Asia.

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