Great post Grav. You make some valid points re Germany's currency.
Germany's unwillingness to print money, is a huge sign of strength in today's markets, which are ruled by "Keynesian economics". Printing money only leads to inflation, so the idea is to print your way out of debt with inflation- that's the only option left in the US and throughout much of the EU...However this isn't Germany's only option.
Germany know that the idea of printing money/ buying bonds/ tbills isn't sustainable, hence why they're so reluctant to do it. It doesn't fix the under lining problem of debt, it only hides it.
IMO the US fed will step in, not the ECB. It sounds crazy, but just you wait, they have every right to start buying on the open bond markets...
