Draghi can kick the can all over the place but it's the Bundesbank that can crush it where it lays at any time. So far so good on that because we haven't heard anything from those guys this time around. Merkel has laid off too and she's actually been almost supportive of Draghi in her comments.

 

The markets are already discounting QE from the ECB. That's why everything is moving up. There's a German court case coming up that could throw a wrench into everything, but it seems we may get through that also. Like I said in a previous post, the Germans are already into this "EURO thing" for about a Trillion bucks. They either go with the devil they know or the devil they don't and since politicians run the show there like every other democracy you have to figure they're gonna stick with what seems most likely to get them elected in the next election and that's more QE.

 

Things may go to heck in a handbasket, but I'm betting they won't (at least for the next several months).