Bloomberg News carried the headline today (November 23, 2011) – Germany Sees No ‘Bazooka’ in Resolving Debt Crisis as Spanish Yields Surge – which reiterated various statements in recent days from German political leaders eschewing any role for the ECB in defending the EMU from impending collapse. The Germans seem to have very selective memories. There was a time – much closer to today than their hyperinflation experience – when their citizens were cold and hungry and only a major fiscal intervention saved them from greater austerity. There was a time when they marched in the streets with placard declaring “Wir wollen Brot!”.