MH

Se acerca un MH: Momento Histórico. Todos los mercados de todo el mundo se despeñan, sólo y exclusivamente por  culpa del euro y sus gestores. Somos tristemente famosos.
Todo depende de Merkel, que acepte una lógica económica más amplia de la que le sugieren su estrecho esquema alemán, que lleva dominando al continente 30 años. Sus ministros y consejeros, como Schaüble, o Alex Weber, siguen cantando la palinodia de siempre: austeridad, austeridad, austeridad.
Su austeridad se traduce en huida de los mercados hacia la liquidez: es decir, se agrava el problema de Europa. Todo cae, hasta el oro.
Hoy seguramente sacarán la enésima coneja del sombrero de copa ya ajado. podrán como mucho parar la sangría unas horas, días.
Aquí, la desesperación de krugman:

 The story so far: The introduction of the euro in 1999 led to a vast boom in lending to Europe’s peripheral economies, because investors believed (wrongly) that the shared currency made Greek or Spanish debt just as safe as German debt. ... But when the lending boom abruptly ended, the result was both an economic and a fiscal crisis. ...

 Unfortunately, European policy makers seem determined to deny those debtors the environment they need. ... And I see no sign at all that European policy elites are ready to rethink their hard-money-and-austerity dogma.

Part of the problem may be that those policy elites have a selective historical memory. They love to talk about the German inflation of the early 1920s — a story that, as it happens, has no bearing on our current situation. Yet they almost never talk about a much more relevant example: the policies of Heinrich Brüning, Germany’s chancellor from 1930 to 1932, whose insistence on balancing budgets and preserving the gold standard made the Great Depression even worse in Germany than in the rest of Europe — setting the stage for you-know-what.

Now, I don’t expect anything that bad to happen in 21st-century Europe. But there is a very wide gap between what the euro needs to survive and what European leaders are willing to do, or even talk about doing. And given that gap, it’s hard to find reasons for optimism.