Daily: more on why European bailouts are out and monetisation is in

I'm back from vacation!

The links are light today so let me give you an added few tidbits from this week's Gold member post on the euro zone. In that post, I wrote that my baseline for the euro zone has become disorderly breakup whereby Greece exits from the euro zone in a disorderly way. The reality is that the political will to support more bailouts has completely dissipated in Germany and other core euro zone countries. They suffer from bailout fatigue.

This issue of bailout fatigue is key. Just last month I wrote a piece, predicting that bailout fatigue will take on increasing political importance in Europe. The German economy is weakening and that will mean less political capital for those favouring bailouts. Moreover, the ratings agency Moody's has warned Germany that it will s...


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