Many times NOTES FROM UNDERGROUND warned that Chancellor Merkel had made a grave error by failing to push for Axel Weber to assume the Presidency of the ECB after Jean-Claude Trichet. I argued that the German populace would be a more willing participant in an enhanced bailout facility if a strong anti-inflationist from Germany was at the helm of the mechanism of financial bailouts for the PIIGS. It seemed that President Sarkozy had “bested” Merkel and the German Chancellor was forced to abandon Weber and agree to a compromise, ECB President Mario Draghi. Friday’s announcement by Juergen Stark that he was resigning his position on the ECB Executive Board and Governing Council gave the markets a scare and led to a large selloff in the EURO and global equity markets.