The president of Germanyâs powerful Bundesbank has firmly rebuffed international demands for decisive intervention in the bond markets by the European Central Bank to combat the eurozone debt crisis, warning that such steps would add to instability by violating European law. Bundesbank president Jens Weidmann told the Financial Times that only politicians could resolve the crisis, and he rejected the idea of using the ECB as âlender of last resortâ to governments. .... Mr Weidmann highlighted the stance being taken by the Bundesbank by arguing governments, not central banks, were mainly responsible for ensuring financial stability. Mario Draghi, the ECBâs new president, has said it is not the ECBâs job to act as lender of last resort, but Mr Weidmann went further, saying such a step would breach Europeâs ban on âmonetary financingâ â central bank funding of governments. âI cannot see how you can ensure the stability of a monetary union by violating its legal provisions,â Mr Weidmann argued. âI donât see how you can build trust in a system that violates laws.â http://www.ft.com/intl/cms/s/0/641237a8-0dcd-11e1-91e5-00144feabdc0.html#axzz1dW1SCanw Germany and the Bundesbank are living in dreamland. I am just waiting for GermanyÂ´s exports to crash into oblivion. Maybe they will begin to be more humble. Sell as much German stocks as you can. This is ridicuolous.