We present a multi-level graph partitioning algorithm based on the extreme idea to contract only a single edge on each level of the hierarchy. This obviates the need for a matching algorithm and promises very good partitioning quality since there are very few changes between two levels. Using an efficient data structure and new flexible ways to break local search improvements early, we obtain an algorithm that scales to large inputs and produces the best known partitioning results for many inputs. For example, in Walshaw's well known benchmark tables we achieve 155 improvements dominating the entries for large graphs.