Some central bankers are relatively more sensible and responsible than others. Weidmann is president of Deutsche Bundesbank, and he is trying to maintain the German anti-inflation culture against the ECB’s movement toward inflationism. He made another statement against the ECB buying the sovereign debts of individual countries. He recognizes that such buying moves the ECB into fiscal policy, which is the proper bailiwick of parliaments and legislatures. He recognizes that with bank bond buying “eventually the taxpayers of all other countries take the responsibility.” And this, he says, also doesn’t solve the fundamental problems.

The Best of Michael S. Rozeff