Back in July we posted "What Keeps Mario Draghi Up At Night, And Why The European Depression Has A Ways To Go" in which we presented "Europe's annual change in M3, alongside the far more important bank lending to the Euro area private sector. It is the latter which [then had] just dipped to a record low, indicating once more that Europe's monetary transmission mechanism is not only clogged up (a rising M3 should have a favorable impact here) but hopelessly broken. In other words, it is the brown line in the chart below that is what is giving the ECB chairman nightmares, and is leading to such secondary effects as ... (full story)