GLOBAL DEFLATION AND ARTIFICIALLY HIGH INTEREST RATES TRUMP SOME PIDDLING STIMULUS:

Euro-Zone CPI Posts First-Ever Drop (ILONA BILLINGTON, 6/30/09, WSJ)

Consumer prices in the 16 countries that use the euro declined in June from a year earlier, marking the first negative reading since records began in January 1997.

The euro zone's annual consumer-price-index rate fell 0.1% in June from a year earlier, the European Union's official statistics agency, Eurostat, said Tuesday.[...]

Other data reported earlier Tuesday suggest that consumer prices may continue to fall for some time. The forward-looking producer-price indexes for May from both France and Italy dropped sharply from a year earlier