Supposedly this week for the first time ever European heads of state and officials are considering issuing Euro Bonds. They’re promoting it as a way to lower borrowing costs for most of the members of the EU. But it will never happen.

Historically no country like Germany that is one of the four big economies of the world will take a voluntary downgrade to be a do-gooder for the other Euro Zone members. It will not stop issuing bunds, which is the safe haven investment of Europe, just so Greece can have lower borrowing costs — for a time. Naturally if Germany kept it up and sacrificed its economy for the common good, in the long run it would harm everybody. There would no safe haven. It’s economy would lose momentum, and everybody in Europe would need bailed out.