Draghi and the Dominos — The Fed Refuses to Take the ECB’s Bait

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This week’s Quill was co-authored by Danielle and Bond Strategist George Goncalves.

Have you ever met “someone you’re immediately attracted to who seems at once both exotic and approachable”? That’s how Rita Coolidge described meeting an eight-note refrain in her Hollywood home one afternoon in 1970. The instrument being played by her famous drummer boyfriend Jim Gordon was the piano. As “haunting” as the music was, it was lacking. As they played and replayed the refrain, a second progression began to build within Coolidge, a “countermelody that ‘answered’ and resolved the tension of Jim’s chords and built to a dramatic crescendo.” Soon enough, the couple was in London, where she played the piece for Eric Clapton hoping he would cover the demo. Though she was none the wiser, Coolidge’s hopes were realized even as Gordon walked away with full credits.

If you’ve never ripped down a highway at breakneck speed, threatening to burst an ear drum blasting “Layla” at full volume, you’ve yet to live. But as brilliant as Clapton’s song is, it’s Coolidge and Gordon’s climatic coda that makes it the masterpiece it is. Sadly, there were multiple witnesses to both the inspired moment when Coolidge was struck by the countermelody and her auditioning the song for Clapton. As fellow Derek and the Dominos’ band member said of Coolidge, “Her boyfriend ripped her off.” Not having the funds or the clout to fight Clapton and his high-powered manager, Coolidge eventually found peace knowing it was Gordon’s daughter who received the songwriting royalties. As for Gordon himself, the undiagnosed schizophrenic, who allegedly beat Coolidge while touring with Joe Cocker, he attacked and killed his mother with a hammer and butcher knife on June 3, 1981. He will likely be incarcerated to his dying day.

If only we could plea insanity on behalf of delusional central bankers. Instead, we have to sit back and take our lumps. There wasn’t even shock at the resumption of the currency war, one in which the Federal Reserve is refusing to engage…for now. It seems we will have to wait for the books to close. When they do, it’s likely European Central Bank (ECB) President Mario Draghi will go down in history as one of the most notoriously destructive leaders of all time.

…Continue Reading “Draghi and the Dominos” Click Here


 

Danielle DiMartino Booth is CEO and Director of Intelligence at Quill Intelligence

For a full archive of my writing, please visit my website — www.DiMartinoBooth.com

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