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Bazooka Economics

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Germany's Bundesbank opposes Draghi's scheme. So do conservative Bundestag legislators. Free Democrats (FDP) finance spokesman Frank Schaffler called the ECB "a state within a state, beyond any legal and political accountability."

Draghi goes his own way with full money power backing and most politicians willing or cowed to go along.

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Reports from Germany say people are spending old D-marks. Retailers obligingly take them. The longer Europe's debt crisis festers, the more likely reinstatement is possible.

On January 1, 2002, euros officially replaced D-marks. They lost their legal tender status. Billions were retained. Germans again use them. 

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They'd gladly trade euros for D-mark stability. Germany appears more willing. The late Bob Chapman said authorities began printing them months ago. The hand writing's on the wall. Growing numbers think the game is up.

Draghi schemes delay day of reckoning time but can't stop it. He may be gone when it arrives. Germany is Europe's funder of last resort. Draghi depends on its resources.

Throwing good money after bad puts Germany's financial stability in play. Perhaps its solvency if it goes too far. Greece died months ago. Spain's on life support and expiring.

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Its needs exceed what deep pockets can provide. Its crisis is threefold - banking, sovereign and regional. Troubled Catalonia is Spain's most indebted region. 

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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