Perhaps the Europeans will respond to this affront by putting some serious people in charge of the ECB who are committed to maintaining a functioning economy in the eurozone. If that is the outcome, it will be a win-win for all involved. But if they can't rise to the task, we should not allow the ECB ideologues to wreak havoc on the lives of tens of millions of innocent people in Europe, the developing world, and here in the United States.

Dean Baker wants the ECB to fix their own problem. If they don't, he says the Fed can protect the U.S. economy from the fallout.