_ The WSJ economists think that Merkel is playing tough, not revealing her hand like a poker player. They predict that in the end she will agree to have the ECB print money. Why the delay? They postulate that she’s trying to make an impression on profligate southern European countries, not letting them off the hook easily.
I think they’ve got it wrong. Merkel is playing tough because she means it. Germans will never agree to print money. I doubt if the American economists even know about the stock market crash in 1923, which was the only one in the 200 year history of the stock market where investors lost everything and never recovered it. There’s a popular book about the subject called “The Day Money Died”.
I think they’ve got it wrong. Merkel is playing tough because she means it. Germans will never agree to print money. I doubt if the American economists even know about the stock market crash in 1923, which was the only one in the 200 year history of the stock market where investors lost everything and never recovered it. There’s a popular book about the subject called “The Day Money Died”.