Yes, it does, but it also make a strong statement about the American system of currency and banking.
The rest of the world lacks a Federal Reserve, they lack our experience, they lack our flexibility.
The Euro, especially, is a very queer duck of a currency. They have a central bank, but it cannot act as a lender of last resort easily. They don’t have a single treasury, they have over a dozen of them. They don’t have one banking system, they have over a dozen of them. They don’t have one consistent code of banking, finance or market regulation - they have over a dozen.
As bad as our liabilities are, the liabilities in the Euro-zone are worse. Much worse.
agreed