…JPMAM. Source:OECD. The second chart deals with the latest trial balloon, drafted by a group of German Wise Meng: the "European Redemption Fund". Vladimir and
Estragon
covered the ERF in last week's Waitingfor Godot, but as a review, the idea is that Germany would sanction the temporary use of joint and severally guaranteed European government bonds if member countries adopt constitutional debt brakes and primary surplus targets that guarantee paydown of these bonds over time, and hit a…