Mario Draghi's Diabolic Spiral

Mario Draghi did a press conference today. "Everyone" was eagerly awaiting it, and nobody seemed to understand it makes no difference what he says. At least, that is, from the point of view of saving the euro, or Spain, or Italy, or the eurozone. Draghi let slip a dumb remark last week at what was essentially no more than an Olympic cocktail party, and now he's supposed to make it all come true. But he didn't say anything of substance then or now, because he doesn't have anything of substance to offer.