Telegraph
" One of the most spectacular con tricks of the last twelve months, pulled off by our political class with the connivance of much of the media, is that we've escaped the global economic armageddon which looked till quite recently as if it was going to engulf us. The Euro didn't collapse; Europe isn't in flames; QE hasn't led to Weimar-style hyperinflation; the fiscal cliff has been dodged; Britain hasn't yet lost its triple A credit rating; the bond markets haven't gone postal…
Well it may look calm on the surface, but this latest move by the Bundesbank gives us a pretty good indication that beneath the surface that serene-seeming swan is paddling for dear life."
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