OK, let me first make clear that I am not a fan of George Soros. But he is a very smart (insert favorite term) and he represents a way of thinking that is characteristic of a lot of European elites. This is an article by him on how he thinks they should save the euro, which I do not think works without serious consequences to valuations; but if all you cared about was the survival of the euro rather than the value of the euro, then this is one way. And there is a substantial fraction of European leaders who think that way. I still maintain that we do not know what these guys will do when there is a real crisis. Paulson gave us TARP and Boehner went along, which the Speaker seriously regrets (as he made clear to me personally). But when you are in the middle of a storm, you look for a port. This is the wrong port, but it does not mean that we might not end up there. We need to pay attention to these things. And I do love this quote: "I am not sure whether the authorities have deliberately prolonged the crisis atmosphere in order to maintain pressure on heavily indebted countries or whether they were driven to their course of action by divergent views that they could not reconcile in any other way. As a disciple of Karl Popper, I ought to opt for the second alternative."