"Now We Are At The Lower Bound": Draghi Reaches The Dead-End Of Keynesian Central Banking | David Stockman

``You see, Mario, no Frenchman worried about his job is going to buy a new car on credit just because his loan cost drops by a trivial $2 per month, nor will a rounding error improvement in business loan rates cause Italian companies parched for customers to stock up on more inventory or machines. In fact, at the zero bound the only place that today's microscopic rate cut is meaningful is on the London hedge fund's spread on German bunds yielding 97 bps---which are now presumably fundable on repo at 10 bps less. ''