The rich are roundly blamed for the country's economic woes. But the problems the economy faces run deeper than tax code matters.
The European debt crisis provides Germany the opportunity to preach its disciplined approach to monetary policy. Should it succeed in remaking Europe in its monetary image, Europe will prosper. Those who follow the Anglo-American model of Keynsian loose money must fall in line.
Gold prices have fallen 16 percent since reaching a record $1,900 an ounce – and could fall further in the near term. But many analysts predict gold prices will rise, perhaps to new records, in the latter half of 2012.
European politicians reacted angrily and financial markets slid after Greek Prime Minister Papandreou stunned Europe with the announcement of a Greek referendum on latest aid package.
Lower interest rates for mortgages, other loans could help consumers. But Fed's move to lower interest rates hurts savers and may not buoy stocks.
Stock prices plummeted in Europe and stock futures were down in the US after EU ministers failed to expand a bailout fund to help Greece. Bank stock prices led the decline in Europe.
Global markets reflect worry about rising interest rates for eurozone's weakest nations and possibility of a US recession. Among global markets to tumble most: Germany, down 5.3 percent and France, down 4.7 percent.