QUESTION: Hi Martin,
It cannot be said enough: thank you for everything that you do.
While I would love the opportunity to sit down with you as I have a million questions concerning your excellent posts of today, let me focus in on The Coming Central Bank Crisis.
As the Fed begins to unwind its balance sheet this year, will that spur the Germans to demand Draghi stop with his program and unwind the ECB balance sheet in 2018, since the Fed will be successful? Also, how can that occur if we are in a recession? (Correct me if I’m wrong, but you are indeed calling for a recession by 2018?)