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Your remarks are right on point.

Of course the Germans are not going to flood the Banks with money, that the Banks will then use to buy more Government Bonds supporting status quo programs in Italy and Greece, until the actionable legislative packages have been enacted ... without the slippery slidey wriggle their way out of it loop holes and post-dated implementation schedules. Very hard to picture the Italians accomplishing such reforms, very hard.

And as all the world knows, Germany's aversion to inflation is a part of their post WWII brain-chemistry, a tenet of their civic religion, so I'm doubtful they will underwrite all of Europe, with help from France and the few others of the Northern Core.

In my view Europe's Crisis is vastly worse than our own, which as you say, is still very much with us.

And with regard to China, of course the World cannot help but take note of the change in the Balance of Economic and Political Power.

Thanks again for your remarks. At a time like this the macro picture is much more significant to me than the micro.

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