This Crisis Has The Potential To Be

We Are The Most Powerful Nation On Earth. No External Power, No Terrorist Organization Can Defeat Us. But We Can Defeat Ourselves By Getting Caught In A Quagmire.

You Need A Government That Believes In Government. It Also Believes In Markets And Wants To Give Markets The Best, The Greatest Opportunity, But Is Trying To Govern Well.

The More Comprehensive And Convincing A Debt Reduction Program Is, The Less Likely It Is To Fail. And Remember, Just As Germany Is Grateful To America For The Marshall Plan, Italy Would Be Grateful To Germany For Helping It Lower Its Refinancing Costs.

I Contend That Financial Markets Never Reflect The Underlying Reality Accurately; They Always Distort It In Some Way Or Another And The Distortions Find Expression In Market Prices. Those Distortions Can, Occasionally, Find Ways To Affect The Fundamentals That Market Prices Are Supposed To Reflect.

Germany Will Always Do The Minimum To Preserve The Euro. Doing The Minimum, Though, Will Perpetuate The Situation Where The Debtor Countries In Europe Have To Pay Tremendous Premiums To Refinance Their Debt. The Result Will Be A Europe In Which Germany Is Seen As An Imperial Power That Will Not Be Loved And Admired By The Rest Of Europe - But Hated And Resisted, Because It Will Perceived As An Oppressive Power.