[Chgogal]

Very true about PIMCO working their book. Truer still is Euroland’s financial structure. As the old song goes, Something’s Gotta Give, Something’s Gotta Give, Something’s Gotta Give.

No one could sing a song like Frankie. ; )

[Chgogal]

Well it's more of a mix of trying to minimize nationalism and financial risk and maximize trade (and corruption). The average German doesn't like paying for all the PIGS. Luckily the average German has no say, at the moment.

Nice little example of the costs of losing sovereignty: Where we have a condo in the Netherlands, you could get some great smoked freshwater eel ("paling") direct from the paling merchants. It was a beautiful drive and a great reward. Euroland outlawed the direct buy (see article below for why). The eels would hang there and the paling monger would fillet your chosen eel right there and pack it for you. YUM! It's very difficult to get smoked freshwater eel now other than from the grocery store (and who knows where that eel is from). : (

http://eatyourworld.com/destinations/europe/the_netherlands/amsterdam/what_to_eat/gerookte_paling