the reality of printing money

We are starting to get data from how severe lending and money supply contracted in late 2011. This also in the UK, where the BOE have the freedom to print as much money as the like (QE doesnt really work).

The bank deleveraging should be ongoing into 2012.

And it will be a combination of the will of the central banks and the people of Europe to decide when they have enough. There is too much debt in the system. It would be more prudent with nationalise the complete banking system (make them a utility) default and restructure debt.

BTW take very careful notice of money fleeing the troubled economies into the not so troubled ones