主题：美股杂谈 -- 大山猫

itself is not wrong. If ECB keeps on printing money in the Fed way, all mid-east money and some European capital will flee Europe for ever. What scared bankers is large-scale sudden capital flight. EU can not provide the military support to Euro as USA does. In the end, is just another fiat currency without solid supporter such as all ASEAN nations and China.

Austerity measure is used to maintain Euro's credibility as an alternative reserve currency, it is not just for German's pleasure. Up till now, everything done by the ECB chairman Trichet is still on the right track.

PIIGs can never be genetically converted into Germans, but to rescue the Union, they have to suffer for their past mistakes during 2002-2008. A lasting recession will discipline PIIGs and gradually wear out their labor cost and productivity disadvantage.

If they prefer to leave the currency union--go ahead, pigs, it is a road to perdition if they prefer. Currency devaluation is just an escape from a necessary social adjustment inside their inefficient social system.