The Terrifying Moment When Liquidity Evaporates

Axel Weber, president of the Bundesbank and member of the ECBâ??s Governing Council until he quit both in 2011 to protest the ECBâ??s bond purchases, quickly landed a new gig: chairman of UBS. WHIRR went the revolving door. From this perch, he warned in 2012 that the easy-money policies and the expansion of central-bank balance sheets would lead to â??new turmoil in the financial markets.â? Now that the turmoil has arrived, heâ??s at it again.