From Asia Times Online
By Spengler
"It is impossible to prevent the destruction of large amounts of nominal wealth, but it is indispensable to preserve the functioning of the banking system. Germany cannot bail out everyone, but it must create a firewall in the right location. This is a practical rather than an ideological matter. There are two questions: where should Germany provide support, and how? It is not enough to refuse the unreasonable demands of your partners, for example, to issue so-called eurobonds (guaranteed de facto by Germany but spent by Europe's laggards). You also must make clear to the markets what the worst-case scenario might be.''
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