ZeroHedge put this news digest together. After reading all of the quotes and analysis, I am convinced of two things.
First, the ECB will eventually print lots of money in an attempt to halt the crisis. As I have written before, money printing only works in the short-term. Of course, no one knows exactly how long the short-term is.
Second, the Merkel is wholeheartedly behind this action. Her ECB head Weidmann is playing the bad cop to extract reform concessions in exchange for the money printing. These concessions include austerity and closer political union.
After firing Bismarck, Kaiser Wilhelm dreamed of a United States of Europe under German leadership. German dreams of political domination die hard. They also end in disaster.