Yesterday I sent a note from Nouriel on Europe. I posted a month ago a devastating analysis on Germany and its mercantilist policies, which have hurt the German worker. The real source of the German “miracle’ is the lower wage growth that Germans have suffered, despite the belief that they are highly paid. Now, we see Martin Wolf writing that an option for Germany is exit. This is not a new idea; I have written about it. But the fact that Martin Wolf mentions it, then says he does not think they will do it but will suffer the consequences of staying in the euro, means the prospect is actually being talked about in “those” circles. This suggests we should pay attention. With Catalonia holding a referendum on secession from Spain (who knew it would not be the Basques, even a year ago?) and the shenanigans being played out in Italy, the pressure is building. Stay tuned.