The European Central Bank took my advice and today “pledged to buy unlimited amounts of the government bonds of countries struggling to manage their debts.” [full article]

Finally! And yay!

The euro may yet live.

I think it’s very important for level-headed macroeconomists around the world to loudly declare a united message so that there is no confusion among policy makers:

If the European Central Bank does not soon use its unlimited money to come to the rescue of Spain and Italy, we are guaranteed the collapse of the eurozone and economic depression in Europe.

I don’t know how much clearer to make that statement.