Why the bounce in the Euro? There is resistance appearing within the Governing Council that is far larger than previously believed. There is no majority within the 6 member Executive Board raising some hope that massive flooding of euros may subside. Lautenschläger, Mersch and Coeure are opposing Draghi's plans to blow-out the money supply. Other council members including Weidmann are also opposed but in the end a “clear majority” supported Draghi's course.

Former Goldman Sachs' Draghi is really clueless. Europe cannot be saved with just flooding the economy with money. There has to be reform and a drastic lowering of taxes. Flooding the system with money means little if at the same time you are extracting a large portion of that new money with higher taxes. This is a net sum game and we cannot look at just the printing machine.