The past few months illustrate a serious spread of Bernanke’s policies across the entire developed world.
Currency devaluation is not a winning strategy, especially for a country with a strong balance sheet.
Poll after poll makes it perfectly clear that the German people have no interest in exposing their hard-earned savings to the ravages of unending bailouts and currency debasement.
Though there can be little doubt the euro would survive without the Greeks or the Spanish, there is greater doubt of the euro surviving without the Germans solidly behind it. As the world’s second largest reserve currency, the collapse of the euro would precipitate a major international monetary crisis.