The strange thing is that even when the money (M3) is in the system, waiting to be spent, hanginig like the Sword of Damocles above their heads, people still chose not to believe the facs. Even when the governments started buying their own debt, noone revolted. Anything can cause the sword to fall now. Then it's run, everybody for himself, spend as long as you still get anything for your money. People are so predictable!

Dear Americans:

Please blame your own government for the exchange rates. For years, US Government (including the Fed) is keeping the Dollar down (which has been hurting European economy quite a bit).

Oh, don't worry about the European economy -- the vast majority of European trade is with other European countries. The American economy is much less important than it used to be.