That depends on whether Germany shares the above analysis. It is possible that they have bought into their own propaganda. Or, what comes to the same thing, find it impolitic to go against the racist rhetoric they have encouraged.

- Jake

Friends come and go. Enemies accumulate.

Italy can survive, I think, as they have a primary surplus, and the ECB is both able and willing to push Italian rates down as long as Italy can keep a balanced budget, which it can.

Spain is the big problem, and the Eurozone and Union will live or die with the fate of Spain. Where is El Cid when we need him?

Peak oil is not an energy crisis. It is a liquid fuel crisis.