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View Diary: Why the world may change on Sunday (and how it could affect the 2012 election) (291 comments)

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  •  They can't afford to write it off. (0+ / 0-)

    This is hard on the people, no doubt. And as corrupt and vile as it is rigged, we've seen what happens when the banks fail. It isn't pretty here, and it would be disastrous there. Yeah, banking is corrupt and serves the wealthy elite. That's not news. But with Germany being the financial center of Europe - as bad tasting as that may be - their economic pillar is essential to prevent contagion.

    This is the same as the Fed going in to buy up toxic assets so big banks didn't have to write it off which would have blown a hole in their balance sheets and turned this crisis into a full blown Second Depression. It's not pretty, but nothing's pretty at this point.

    Why is nobody talking about Germany pulling out of the Euro and leaving the other crisis countries to devalue and export? No it's not pretty, but it's an option not discussed that I can see. UK never joined the Euro.

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