I admit I am shocked (but not awed). The Euro Nations have put together a large ($1 trillion or so) contingency fund to defend their common currency and stock markets are so far rejoicing.
But what shocks me is the fact that the ECB (European Central Bank) is now going to be directly buying government debt.
In other words, goodbye Central Bank Independence, hello Weimar 2.0???
I would call this Wow and Yikes, not Shock and Awe.