In case you’re wondering why the ECB is hitting the QE/negative-interest-rates/cheap-loan-packages/financial-sweeteners-for-lending so hard, here’s the historical backdrop:

Deflation Part1_03

Massive shout out to the Money Project – I love their stuff.

Part 2 on Monday.

Rolling Alpha posts about finance, economics, and sometimes stuff that is only quite loosely related. Follow me on Twitter @RollingAlpha, or like my page on Facebook at Or both.