Well, this is now getting very ugly. http://www.cnbc.com/id/45418399
Believe me that however bad this ends up in the US, it is going to be a lot worse elsewhere. The US dollar is the world's most credible asset. Which is a burden as well as a blessing.
The Germans want a Euro, they say. But by refusing to permit eurobonds and a credible eurobank lender of last resort, they are dooming it; while hedging themselves against failure, they are more-or-less guaranteeing it for everyone.
At least there will always be music. http://www.youtube.com/watch?v=z3PYS8rV2to&feature=fvwp&NR=1
And poetry.
"This is the way the world ends
This is the way the world ends
This is the way the world ends
Not with a bang but a whimper."
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