A nice piece from Simon Johnson and Peter Boone criticizing the EU-German "orderly defaults in 2013" policy and talking of monetization
quote:
"At a minimum, the ECB will probably need to match the $1 trillion annual US rate of quantitative easing, and front-load much of it. The euro will fall, and Trichet will miss his inflation target. But Germany will boom.
At that point, the Europeans should get on with completing their monetary cordon sanitaire: orderly debt restructuring in all countries with debt burdens that are too large to be credibly restructured in Merkel’s new regime".
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