Yippe-aye-oh-kayae!  Crucial that Merkel stays the course and the EU continues toward out and out depression. This will force the entire global banking system (except for gold-rich Germany) to enter into an easing program. The program will fail as it will only bump the market for days. The steep global recession that is coming will result in the one-trick Keynesians to print even *more* money...


As we noted over the weekend,  there really is only one voice on which to act in Europe (and plenty of noise that should be ignored) and that is Germany. This morning we already heard from Herr Schaeuble and Herr Siebert, but Frau Merkel has just come over the top with her hope-crushing reality that (via Bloomberg):

• *SEIBERT SAYS MERKEL CONCERNED EU SEEKING 'EASY WAYS' ON CRISIS
• *MERKEL SAYS ECONOMIC GROWTH MUST BE SUSTAINABLE
• *MERKEL SAYS LIVING BEYOND MEANS LED TO EURO DEBT CRISIS
• *MERKEL SAYS SHARED EURO-AREA DEBT 'COUNTERPRODUCTIVE' NOW
• *MERKEL REJECTS JOINT EURO BONDS, JOINT EURO BILLS
• *MERKEL REJECTS JOINT DEPOSIT INSURANCE IF MEANS JOINT LIABILITY