Money and the European Credit Crisis | Doug Noland

``I believe strongly that the Credit recovery and tepid U.S. economic recovery came at an extremely high price: dynamics that ensure the eventual loss of "moneyness" for U.S. government Credit, the heart of our monetary system. Many expect Germany to use the "moneyness" of their Credit to ensure the ongoing "moneyness" for European debt more generally. The conventional view is that, at the end of the day, German politicians will do a cost vs. benefit analysis and realize that it will cost them less to backstop the region's debt than to risk a collapse of European monetary integration. The Germans, however, appreciate like few other societies the critical role that stable money and Credit play in all things economic and social''