The latest inflation figures from the United States have ruined Christine Lagarde's day! Rising prices are pushing the day of the interest rate cut, which the highly indebted Europeans in particular are desperately waiting for in their recession, further into the future. Pressure is growing on the ECB from the capitals of the south to go it alone in the face of high inflation in order to keep households solvent. At her press conference on Thursday, the ECB President was at pains to point out that the ECB's interest rate decisions are in no way directly correlated with the Federal Reserve's monetary policy. This is, of course, sheer nonsense. Not long ago, the Frenchwoman warned that over 250 billion euros of annual capital is now flowing out of the eurozone and abroad, much of it to the US financial markets. This is all too understandable when you look at the regulatory chaos that prevails in the eurozone and which is virtually deterring investors from investing in the old continent. For some time now, the ECB has been concerned with preventing the interest rate spread between ten-year US and eurozone government bonds from widening too far in order to prevent further capital outflows. So anyone wondering where the US government bonds are flowing to is likely to find a growing item on the ECB's balance sheet. From an EU perspective, the endgame is: save the euro or save the socialists' sovereign debt.