Nobody likes a babbitt

A possibly huge real estate bankruptcy (Reyal Urbis) in Spain with Rajoy emitting the stench of corruption, Cyprus in financial distress, Greece in postmortem shock, the UK downgraded (with a delay of at least 3 years), the French economy in trouble and the euro zone in a projected recession for 2013. Meanwhile the ZEW index shows German investors are feeling good about themselves, the Ifo Index shows company managers doing the same and the Toll Index shows that this has been a much better January than the one last year (5% more heavy trucks crossed the German borders) implying that in three weeks time the German Federal Ministry of Economics and Technology will be announcing that German Industrial Production has picked up. What Italy will bestow upon us come Monday is  uncertain but, as nobody likes a babbitt, one question is unavoidable: How long can we kick the tin down the road when everybody but Germany is doing badly?