Distinction are being made between the sovereign debt crisis in the Euro zone countries and the real economy, the market place. And while I agree that difference does merit attention, since after all orderly, responsible commerce and healthy and gainful employment are quite separate from the untold trillions in virtual currency shifting accounts and balance-sheets. Maybe the meaningless scale of indebtedness and indenturedness does not translate to inflation, at least at human proportions. And maybe a second infusion of cheap US dollars (to service, pay the interest on close-held and strewn about obligations) won't denigrate funds world-wide, making the real economy and resources too dear. Or was this follow-up flooding by the central banks a distraction and delay, which won't be without negative consequences? A billion dollar bill must be a pretty flimsy and filmy thing, were it ever available in hard-copy, nearly transparent and feeble. I'm not sure about these strategies, but I am ever baffled by the credence put in the enthusiasm or skepticism of barons, magnates, bankers, investors and other underwriters. Managing money ought to be regarded no differently than marshalling any other resource--water, trash, electricity, fuel--and compensated accordingly, not rewarded for creating more money out money.
Too much incentive has been levied against this sleight-of-hand, and this great gossipy game of Mah-Jongg (no offense against Mah-Jongg players, which is more social, honest, challenging and philosophical) is only about creating wealth from wealth and is not producing anything of real utility. I cannot gauge the nascent inflation in America, and do hope that the spheres of facetious debt (genuine but hardly authentic obligations often coerced and cultured) and finance and business have a stream to brook before mixing, but more over I hope that this line of thinking is not just a noble-lie to keep the public disengaged and unaware, secure in their jobs and purchasing-power--speaking of the German public, of course--or dangling optimistic messages while in reality, everything is getting more and more diluted.
