Asset Allocators' Soapbox: Will Draghi's dominoes fall easily into place?

An old joke goes that economists are too smart for their own good and not smart enough for anyone else's. The recently announced European Central Bank (ECB) programmes aimed at growing the bank's balance sheet certainly sound smart but will they do any good?  Given the success of quantitative easing (QE) at boosting the US economy and asset prices, it is important to pay close attention to the ECB's new plan. The aim of the game is to set off a domino effect of substantial asset purchases, increased liquidity, more willingness to lend, greater desire to borrow, real growth and, eventuall...