THE European Central Bank’s huge new quantitative easing drive came under attack from financier George Soros at Davos today.
Mr Soros, who has criticised Germany’s addiction to austerity and called for higher public spending, said that the €1.1 trillion (£760 billion) bond-buying programme announced on Thursday by ECB chief Mario Draghi would create an asset bubble and mostly benefit the rich.
“It will benefit the owners of assets as the money generated from the stimulus flows through the financial system, further widening the gap between rich and poor,” he said.
“That will have political consequences.”
But he called for a stronger European Union — despite the anti-democratic bloc’s drive to undermine elected governments in order to entrench big business rule.