Could the Eurozone institute capital controls on behalf its members with respect to external capital flows?  It's capital; flows to the US that people are worried about.

PS why would the US continue to have first call on global capital flows given the experience of devaluation to date - would it not make much more sense for that privilege to gravitate to the Eurozone now?

(As for Drew's point, we're all in deflationary mode right now...but presumably whoever borrows most, long term, also inflates most, or devalues their currency most with respect to the real output of their economy.  I have always been amazed at the Chinese continued willingness to invest in Dollars)

notes from no w here