This is positively bizarre, with many eurozone governments on the edge of collapse, ECB president Mario Draghi says he is drawing up a bond purchase program.
I'm not one for government meddling in the markets, but I have to say that it is absolutely absurd to think the ECB needs to figure out a "plan". As Tim Geithner said last year, this is not rocket science. Most likely the ECB wants to keep the EZ in a panic mode until the German high courts rule on German participation in bailouts. With the pressure on markets, this will give the court the cover from which they can rule in favor of bailouts.
That said, the ECB is playing a very dangerous game that could go into crash mode at anytime.
Indeed, with the Federal Reserve also maintaining a slow growth policy, we are very near the edge of another global economic and stock market crash.
It is increasingly unlikely that the Fed and the ECB will be able to reverse engines in time to halt a crash. Buckle your seat belts.