Germany's Angela Merkel and the Tea Party

Last week, I wrote that the crisis in Europe will be settled only when and if Angela Merkel convinces the German voting public to support the rest of the Eurozone more or less forever.

Today, Mrs. Merkel said that the idea of Eurobonds, which would degrade the quality of the German bund (bond) and help all other Eurozone countries’ bonds be acceptable to the investment community, is a foolish idea which would not solve anything except to make the Eurozone a debtors’ compact.

So, it will not be tomorrow that we see Germany step up to save the Euro and the Eurozone countries.

But, today, Angela Merkel was elected by Forbes Magazine as the most powerful woman in the world.

So, Mrs. Merkel has a lot going for her, if she chooses to use it, in trying to steer the Eurozone away from more debt and bigger deficits toward a balanced-budget-zone with conservative financial rules, which is her preferred path.

In many ways, Mrs. Merkel is the one-person Tea Party of Europe.