They are upward sloping curves, but they represent a race to the bottom: the piling up debt of the eurozone states. In the ECB, which they have completely subjugated to their will, the debt makers from Europe have found an ideal teammate. Permanently artificially low interest rates enable states to finance themselves more cheaply than the private sector is able to.

And so every socialist's wet dream becomes reality: the state grows, actively crowds out the private sector and can also blame the ongoing recessionary trend in the economy on companies. Because we know that inflation is not the result of the state's debt creation, it is the product of corporate greed! The persistence of the debt problem in the eurozone makes it clear that the system cannot be reformed from within. As Europeans, we can only hope that an external force, such as I believe the Federal Reserve, will manage to bring down this debt edifice with a restrictive interest rate policy by opening up interest rate spreads and putting pressure on the euro through mobile capital. The euro debt makers have led their citizens down a path of economic regression. Only a return to market interest rates could limit debt creation and this is only possible if the ECB can no longer monetize new debt covertly.