> However, the European Central Bank arguably has the hardest job of all. This was very apparent in the head of the ECB Christine Lagarde’s recent interview.

> However, the European Central Bank arguably has the hardest job of all. This was very apparent in the head of the ECB Christine Lagarde’s recent interview. She was asked, “how will you get the balance sheet down?” while being shown the ECB balance sheet on a screen. She answered, “It will come. It will come. In due course, it will come.” The interviewer paused, confused, and then asked, “…how?” And she answered, “In due course, it will come.” And then smiled. She offered no answer, no description, no clarification, and had rather awkward expressions throughout the exchange. This is because, like most central banks, there is no plan. It won’t come. Sovereign debt will be monetized to whatever extent it needs to be, or it’ll collapse.