NEW YORK (TheStreet) -- TheStreet's Jim Cramer explains why he approves of European Central Bank President Mario Draghi's announcement Thursday that the bank would begin an open-ended bond-buying program of $70 billion a month starting in March.
Cramer says Draghi delivered again with the announcement and says he will do whatever it takes to get Europe moving again. He says Draghi is injecting a tremendous amount of money into the system in order to prevent deflation.
Cramer believes that Draghi does not want a resurgence of the right. He says if job growth occurs in Europe, then the right would not be able to take over and we won't see the kind of factions we used to in Europe before the euro's introduction and before World War II.
Cramer says Draghi understands history and understands what needs to be done and believes he will succeed; however, he notes this will not necessarily help the U.S. in some ways because the currency is "just going to kill a lot of our international companies."
But Cramer adds Draghi is doing everything he can and says the Germans have "definitely" blinked.