Frank Elderson, the ECB's Director, has brought forth proposals that leave libertarian economists like me stunned concerning the direction of monetary policy (which on the end always can be summed up as: inflating the money supply).

Elderson's vision entails a radical reshaping of the ECB's bond portfolio, emphasizing environmental goals in long-term refinancing operations (TLTROs). As a staunch advocate for free markets, limited government intervention, and a skeptic of central banking, Elderson's green mirage is met with resounding rejection. It's a distraction from what is coming as dark clouds hanging over the Eurozone's economy and goverment debt levels are out of control!

The very foundation of central banking, with its market manipulation and distortion of price signals, goes against the principles of a free-market economy. Elderson's environmental misadventure not only distracts from these core issues but further entrenches the ECB in a realm it has no business being in – environmental policy.

In the end they will own anything... and lose everything in their arrogant overstretch.