\”It is obvious what needs to be done,\” said Tim Congdon at International Monetary Research. \”The ECB must engineer a \’boomlet\’ by purchasing €1 trillion of bonds – boosting the M3 money supply by 10pc – to end all the agony. This means that Germany must put up with 4pc to 5pc inflation for while, but is that such a disaster? If they want to save the euro, they have to give some hope to the peripheral countries.\”
Pity it\’s illegal but there we go.
What does interest is that it\’s the right wingers, the monetarists, who are the ones putting forward the only workable solution.
Inflate or default…..