Suddenly all eyes are on Europe. The New York Times is out with an editorial today warning of deflation on the continent. The Sulzberger family wants the value of European money to fall rather than rise; weirdly, it wishes the same for American money. The Wall Street Journal is out with a much savvier piece, by the editor of Die Zeit, Josef Joffe. He focuses on the drama over whether the European Central Bank really has the power it has claimed — but hasn’t yet used — to buy up government bonds on the open market through a maneuver called “Outright Monetary Transactions.” The matter is now before the European Court of Justice. The Financial Times has been on the edge of a nervous breakdown over this for weeks.