Italy Prime Minister Mario Draghi to tender resignation on Thursday. Finally!

Good riddance! Hope, his political career is finished! 

To me he was a kind of political Dracula and akin to a bank robber in his previous career as central banker! He was one of the central bankers responsible for the two decades of extreme loose monetary policy (ultra low interest rates and buying of government debt), which ultimately contributed to the current price inflation in Europe and the U.S.. 

Italy PM Draghi to tender resignation on Thursday | Reuters

The New Franco-Italian Alliance in Europe

This is one of the more humorist than serious articles I just discovered! The author probably had a fit of wishful thinking!

Draghi is more of a funny Dracula and Macron is a rather mediocre politician. I have blogged about Draghi several times before (please click on label nearby). Thus, an agreement between these two is probably more hilarious than serious! 

The New Franco-Italian Alliance in Europe by Melvyn B. Krauss - Project Syndicate Behind a new bilateral cooperation agreement between France and Italy is a burgeoning political alliance that could reshape the European Union and its global role. With German Chancellor Angela Merkel departing, all eyes are now on Italian Prime Minister Mario Draghi and French President Emmanuel Macron.

Why is ITALY'S ECONOMY a DISASTER (before and after Covid)?

Recommendable! Except Mario Draghi (aka Dracula), serving as Prime Minister of Italy since 13 February 2021, is celebrated too much (read more about him: here, here, and here)!

Italy, and Europe, Look to Mario Draghi to Solve Another Crisis

Laughable! Draghi is a Dracula! He is a creature of the system! Don't expect too much from him. He was a terrible European Central Bank (ECB) president. This is most likely a bad choice for Italy! One can only hope, this man has learnt from his past mistakes and is wiser now! Unfortunately, this rarely happens! I blogged previously e.g. here, here, and here about him!

Italy, and Europe, Look to Mario Draghi to Solve Another Crisis - WSJ Former ECB president is aiming to become Italy’s prime minister, but he must first build support among Italy’s fractious parties

P.S. A man of the system quote from Friedrich A. Hayek: "“The man of system, on the contrary, is apt to be very wise in his own conceit; and is often so enamoured with the supposed beauty of his own ideal plan of government, that he cannot suffer the smallest deviation from any part of it. He goes on to establish it completely and in all its parts, without any regard either to the great interests, or to the strong prejudices which may oppose it. He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chess-board. ..."

Bundesverdienstkreuz für einen Bankräuber

Sehr empfehlenswert! Mario Draghi ist verantwortlich fuer eine ungeheuerliche Niedrigstzinspolitik ueber viele Jahre! Die groessten Nutzniesser waren die Regierungen, die sich billig verschuldeten wie Deutschland unter Merkel!

EZB President Draghi Is As Reckless And Irresponsible As Bernanke

Previous, Related Blog Posts

I have previously blogged about monetary policy, the Fed and Ben Bernanke here, here, here, here, here, and here.

The Essence

To reiterate again, interest rates are one of the most important prices in a free market economy. To manipulate this price like it has been done by numerous government central banks in the past decade or longer is inexcusable. Money should never be cheap or it stimulates overspeculation, overinvestment and profligate government spending. It severely harms saving, insurance etc.

European Central Bank Lowers Two Key Interest Rates

It is absolutely insane to lower a key interest rate from 0.50% and 1.0% by a mere 25 basis points and to expect any major economic effects. One of the two ECB key interest rates has been at or below 0.5% since March 2009 and the EU is still in a slump.

Desperate Fools At The Helm

What the People have learnt since the Great Recession and since the Financial Crisis is that our elected representatives and public servants/employees are clueless about economics.