I'm not arguing from a moral point of view here. If I did, well, sure, I agree that the ECB is acting very badly. And stupidly.

But that does not change the argument about what would eventually happen, as it is not a normative argument. And furthermore, you know just as well as I do that equilibrium would not be achieved by the unemployed starving to death.

Peak oil is not an energy crisis. It is a liquid fuel crisis.