UPDATE #3…That’s what you get with Government run markets!

The European Central Bank cut its deposit rate to a maniacal -0.3%. The cut means banks in effect must pay more for the ECB to hold their money.

Futures market s here have given up their earlier huge gains…but don’t blink. As we write this, the German Dax is down 340 points.

Ladies and gentlemen, these people are insane. They know not what they dom and they certainly do not know the outcomes. We just know all precedent shows at the end of the road of assinine monetary policy is a not so good outcome.

The numbers will change by the open. Have fun!