Central banks may resort to their most powerful weapons against deflation: the printing press and the so-called helicopter drop of money. Will this work? Yes. But returning to normality will prove far more elusive.
A robust recovery would eliminate the danger of some countries being badly damaged. If it does arrive, there is no doubt where it will come from: not from the actions of Germany to sustain domestic demand, but from profligate Anglo-Saxons.
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