Frau Merkel, it really is a euro crisis

``[The Euro Crisis is] not because of debt, except in the most superficial sense. The reason this crisis keeps grinding ever deeper is because the euro itself is a machine for perpetual destruction. The currency is fundamentally warped and misaligned.''

We half agree. Yes, the Euro is a monetary wrecking ball for Europe. But in fact, the debt levels in Europe really are bad, in a fundamental sense. While they might not look so bad compared to the US and Japan, both are VERY special cases; the US prints the money it owes its debt in, and Japan owes its debt to no one but itself.