[nathanbedford]

The German reaction, of course, depends on the relative sophistication of the witness. When I attend presentations with bankers and lawyers, they are fully aware of what is going on and they generally take the attitude that once again, Germany is being asked to shoulder the load for the rest of Europe.

An idea that war guilt plays a part in the pressure on Germany to bail out the lower countries is prevalent among the sophisticates and among tradespeople as well.

Some, not all, Germans believe that they are being taxed to transfer a debt from the banks to the taxpayers. Strangely, very few Germans hold the view that is prevalent among us conservatives which is that the European Union and the transnational banks are inherently undemocratic institutions and liable to commit tyranny.

I am frustrated that most of my interlocutors do not see this as a free-market vs. socialist question but as one of incompetence and self-indulgence

[TADSLOS]

Thanks for your response. I think Europe is our barometer for coming events here. Spain, Italy and France are all showing signs of a Greek style crisis. When the collapse comes, it will spread at the breakneck speed. It won’t be pretty.