The German Finance Ministry says it will not allow the European Stability Mechanism (ESM) to have a banking licence, which would allow it to be funded directly from the ECB.
Reflation in Germany is necessary but the country is obsessed with remembering the hyperinflation of 1923 and has forgotten what happened in 1933 (the end of democracy) even though the spivs are at the gates.
Are we about to see Germany wreck Europe for the third time in 100 years?
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| 1914 | 1939 | 2012? |
This is a revised version of a previous post.
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