The only thing worse than an economy headed for a recession is an economy headed for recession with rising interest rates. That appears to be Europe’s fate, and it’s a fate that increasingly looks like a self-inflicted wound. The stakes could hardly be higher. The blowback from Europe threaten the feeble growth in the U.S., which in turn carries dire implications for the global economy, starting with China. But, hey, the political “leadership” in Germany, which in many ways is directing this horror show, doesn’t see any reason to change its plans.