David Warren, Australian inventor of the black box flight recorder, noted a key benefit of his invention was airlines could finally hear how pilots reacted to stressful situations.
But a growing number of passengers are showing Merkel one route to relative safety – the European Central Bank in Frankfurt adding to its €190bn of buying toxic peripheral debt, and printing money to do so.
Germans have a visceral fear of hyperinflation that could stem from this – arguably justified, as Henderson Global Investors’ deputy head of equities Bill McQuaker notes, hyperinflation “pretty mush wiped out the whole middle class” in the 1920s.
Nevertheless, on Friday and over the weekend various of McQuaker’s industry peers in Germany said they saw ‘no way out’ but to take the money-printing path.
(No doubt, if Merkel agrees, newspaper editors will be ready to print, too – emotive pictures of wheelbarrows from the 1920s, loaded down with Reichsmark.)
But the fact even German financiers are now willing to countenance risking centralised printing of money, for the potential return of saving the current situation, suggests Merkel should now allow it, too.
It could just be the one button that turns off all the alarms at once.