Draghi lit the markets’ fire with hot money pledges in Europe, but the metals were firmly capped.
This is standard operating procedure, especially on the day before a Non-Farm Payrolls report.
Intra-day commentary on single currency monetary theory and political organization here. It amazes me how few people seem to understand this. A single currency, which therefore dictates a single monetary policy, cannot span a political geography that does not have a tightly unified fiscal arrangement including transfer payments and revenue adjustments to accommodate regional conditions. Period.
This is why the push for a single world currency, while maintaining the promise of national independence, is a malignant myth of the would-be money masters.