The European Central Bank, in the first meeting since Mario Draghi replaced the clueless Jean-Claude Trichet as president, the ECB has chosen to cut rates.

Seeing as how the whole world, and in particularly the increasingly desperate cluster f%$# that is the Euro Zone, are in the the midst of a liquidity crisis/debt overhang where cheap money won’t do much.

That being said, the fact that Draghi did not wait a few months in order to save face for the ECB, and that he’s actually warning of an upcoming recession indicates that he is a bit more of a “reality based” than your typical central banker, who typically only give a sh%$ about inflation.

It should be noted that this is actually a significant departure from prior ECB policy, because Draghi appears to be sending a message that he will, at least temporarily ignoring the (under the current circumstances absolutely absurd) 2% inflation target.