Mario Draghi’s announcement that unlimited government bond pur-chases would be made if necessary was like an act of liberation for the markets. Now that they can look forward to low interest rates and boundless liquidity, the markets have made a marked recovery from the consequences of the euro crisis. Dwindling risk premiums on all fronts create the impression that this has solved the problem. We, on the other hand, believe that a major systemic upheaval is in the cards as a result of the artificially low interest rate levels, and that this upheaval will ultimately be the spark that ignites the next wave of crisis. As a result, this newsletter is dedicated exclusively to the question of what medium-term effects we can expect given the anticipated persistence of low interest rates and yields as well as on-going excess liquidity. The ECB has triggered a hurricane and there is a real risk that it will leave some degree of devastation behind as it races through the financial markets.