What Comes After 'Europe'?

``What is now happening in Europe isn't so much a crisis as it is an exposure: a Madoff-type event rather than a Lehman one. The shock is that it's a shock. Greece was never going to be bailed out and will, sooner or later, default. The banks holding Greek debt will, sooner or later, be recapitalized. The recapitalization will be borne by German taxpayers, and it will bring them--sooner rather than later--to the outer limit of their forbearance. The Chinese will not ride to the rescue: They know not to throw good money after bad.''