Thus The Financial Times today. “European companies are stashing their cash, adding nearly fifty-billion euros to total reserves in the past year, despite signs of improving economy in the region,” elaborates the newspaper. What is more, listed companies in Europe, the Middle East, and Africa have nearly a trillion euros in gross cash balances. The companies mentioned by name in the article are Siemens, Daimler, and BASF. Together, they stashed away some twenty-billion euros. According to a business leader cited, the main reason companies like these are reluctant to invest is the uncertainty in the European economy. Gosh! Preserving cash rather than investing is a radical change since the financial crisis, another business leader is cited as saying. Wow! But there is one thing that the article misses entirely, and that is the European Central Bank and its place in the mess. Of course, the only reason why Europe’s titans want ever more quantitative easing is to add to their cash reserves. It appears that Mario Draghi, the central bank’s president, has never even thought of this little trick on their part. Perhaps the article in question will open his eyes at long last. It is high time, too.