The signal that the Fed has got its eyes on Europe came from the Minneapolis Fed. Its President, Narayana Kocherlakota has become a convert to perpetual QE. Kocherlakota resembles the worst kind of reformed smoker, who will not tolerate smokers in his house even if they smoke outside. His last egregious act was to fire personnel with dissenting economic opinions to his own. Now it appears that he has taken a step to promote the global remit of his dogma. In a pamphlet, similar to ones that can be imagined to have advised Presidents Woodrow Wilson and FDR, the Minneapolis Fed asked the rhetorical question: Is it Too Late to Bail Out Troubled Countries in the Eurozone. Narayana Kocherlakota Speech
