_ The Germans held a bond auction. It went south. Investors are starting to lose faith in the euro currency all together. But if the euro fails, it will be the biggest failure in the settlements and arrangements made in the wake of World War II. If the Anglo-American idea of capitalism and democracy can’t spread to the continent, it can’t safely spread anywhere. And I fear someday it will fail everywhere.

It doesn’t help my belief in the future of Anglo-American capitalism/democracy to hear bragging in an article on the Fidelity.com website this morning that Americans need only print more money. They boast that investors will buy treasuries no matter what because they have no choice. Someday they will have a choice.