Draghi – Democrat, Dictator or Demagogue?

European Central Bank (ECB) Chairman Mario Draghi is moving markets this morning. Senor Draghi’s speech at the Brussels Economic Forum 2016 this morning is entitled On the Importance of Policy Alignment to Fulfil Our Economic Potential and is highly recommended by this fellow philosopher. It’s ironic, because it is a plea for proper policy support from the governing bodies of the eurozone. However, it comes at the same time he is enacting extraordinary measures that extend the central bank’s powers to suspect length. The feeling here is that Mr. Draghi is trying to compensate for the failings of fiscal policy, but the risk is that he will go too far and lose monetary policy balance in the process. His hope for democratic congruence toward progress survives, but his confidence in the union’s ability to get there fast enough is short. See the whole story on Mario Draghi Demagogue here.

Global Sector Security	AM Trade or Indication
SPDR Euro Stoxx 50 (NYSEArca: FEZ)	-1.5%
iShares MSCI Germany (NYSEArca: EWG)	-1.9%
iShares MSCI France (NYSEArca: EWQ)	-1.4%
iShares MSCI Spain (NYSEArca: EWP)	-1.1%
iShares MSCI UK (NYSEArca: EWU)	-1.0%
iShares MSCI Japan (NYSEArca: EWJ)	-1.1%
iShares China Large Cap (NYSEArca: FXI)	-0.7%
Major US Investment Sectors
SPDR S&P 500 (NYSE: SPY)	-0.4%
SPDR Dow Jones (NYSE: DIA)	-0.4%
PowerShares QQQ (Nasdaq: QQQ)	-0.2%
iShares Russell 2000 (NYSE: IWM)	-0.7%
Vanguard Total Stock Market (NYSE: VTI)	-0.4

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