There was a reason why last night we laid out an analysis on the pros and cons of QE vs negative rates: quite simply, those are the last two "tools" left in the central bankers' monetary "twilight zone" arsenal. And as Mario Draghi made very clear this morning, both are about to be used much more for the simple reason that because they haven't worked until now, they will surely work when they are expanded. After all that is the full extent of Keynesian 101 logic. The immediate result: the biggest drop in the EUR in 9 months....... as Europe prepares to unleash yet another global deflationary wave, in the process ... (full story)