GM,

After their announcement that they want to set up a gigantic debt-financed build-up program for the European military, to lay debt on top of the gigantic mountain of debt that already exists, the Europeans, and especially the Germans, yesterday got a foretaste of what they will face if they continue on this course: a sell-off of their debt, interest rate spikes and most likely soon yield curve control by the ECB with massively rising inflation.