Good article! A guest on Tom Keene's the other day was saying that the USD is higher than the euro, because there is an implied guarantee that the US govt will support the states, whereas the EU has more of a 'you're on your own' mentality towards member nations
However, just wait until enough US states are in trouble...it may not be possible to rescue them all.
Are there states that are "too big to fail"? Certainly California and New York spring to mind...
and the minute you ask that question, you must then ask, is there na inevitable "Lehman" collapse of one of these, as the Federal govt is forced to make a triage decision of who will survive, and who will have to sweat it out? If things don't start improving soon, that is the situation we may develop
Ah, to live in interesting times...amazing to think the worst that most of us could conceive of was the prospect of NYC going BK
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