How central banks and crony monetary policy hammered the middle class, and gave air to “socialists”
When the big shots got bailed out (instead of being subject to the discipline of the market) while the little guys had their homes foreclosed upon, fell deeper into debt servitude, and generally were left to twist in the wind, it’s not surprising that at least some of the little guys have looked for extreme solutions. (This is classic revolutionary theory.)
The very last thing Europe needs is a monetary policy experiment or continuation of an existing policy of financial repression, which lead to an erosion of purchasing power, income inequality, and the rise of populism. It occurred 100 years ago, and people remember how it all ended up. We should do whatever it takes not to end up there again.