Depressing Deutschland

German industrial output fell 4% and manufacturing activity dropped 5.7% last month. Italy is back in recession, France’s GDP growth is 0%, the IMF is calling for European officials to “do more” and the risk of Europe entering a recession in the next six months is 38%. Given this bleak tableau, it’s baffling that German Finance Minister Schaeuble and Bundesbank President Weidman remain resistant to Quantitative Easing or fiscal stimulus.