Bad GDP data or sanctions on and by Russia won't inspire Mr. Draghi to initiate QE

Outlook: Market are still in a state of paralysis on German GDP down 0.2% q/q or 0.6% annual-ized. Stories abound about how and why the German miracle has stalled, with Krugman (of course) blaming too much fiscal rectitude. The parallels to Japan are shaky—Japan did not pare deficits and has the biggest debt-to-GDP among the developed world, and yet both are fighting deflation. Some note that both saw a drop in capital spending. France had zero growth and (of course) promptly declared it would



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