This is an internal debate going on over at GaveKal. Every now and then they publish their internal memos (and they can be incendiary), and this is the best in a very long time, as it highlights the key differences between those who think the euro will survive, represented most ably by Anatole Kaletsky (whom I will be with next month) and Charles Gave, who thinks the euro is "toast." This is MUST reading. "It increasingly seems that the Eurocrats have no more tools than Gorbachev did in 1989. My view is thus very simple. We are not in 1917 Saint Petersburg. We are in 1990 Moscow and the next move is Mr Yeltsin climbing on the tank to cut the Gordian knot. In my mind, this is a question of months, not years. When the politicians lose all traction, then every citizen becomes an actor for a while, and this is what makes revolutionary situations so fluid. We are entering into such a period." – Charles Gave