Only a united Europe has a chance for prosperity and its not about bailing out lazy people, its about realizing nobody is lazy, only politicians were corrupt with taxation inept at execution and responsible for poor design for job growth and economic expansion, a major result also of the fact that the strong nations never allowed the weaker ones to have a competitive chance moreover the concept of union and never realized the material fact that countries like Greece had always the stress to pay for military defense against greedy expansionist Turkey and all the burden of illegal immigration of Europe with inflows from east and south even north. If Germans had any chance to see smart and ethically their responsibility in all this (starting from the very WW2 disaster they caused to the rest of Europe) then the European crisis would be over much faster. The very fact social polarization and division among parties in a country like Greece is the pure evil result of the civil war there that a heavy consequence of WW2, a German evil catastrophic for all design which dominated Greek politics with massive hatred for decades. This division ignoring real issues, always fighting over elections with bs pseudo socialistic promises from left center and vicious friction from communists that never had the guts to see Soviet Russia for the evil it was and even inept often stupid right center conservative parties that could not wise up or allowed to capture the hearts of the center left and neutralize them with proper balanced policies friendly to poor and middle class people, all this permanent hatred messed up the country for decades. Lies and populist ideas from socialists, inept taxation and sell out of public jobs to party members without long term vision for economic growth in place is what killed the system eventually and in combination with global crisis and unethical speculation/exploitation by the types of GS and others took the dept to skyrocketing levels. Politicians did this and strong countries that never gave poor (while at the same time sucking the wealth of their middle class with exports) ones a break, especially after the formation of common currency that meant weaker economies could no longer devalue their way out of crisis and regrow. Exactly like moronic Americans are doing today with Democrats and Republicans against their common massively alarming problems that a division easily ignores for the sake of stupid priorities like ridiculous cultural wars and mythological fears of terrorism and of course the evil that is called re-election campaign. Hopefully they are starting to get it.
All this hopefully one day behind will rocket the markets once realized and Obama is not going to go to elections without efforts to cause surge in jobs and a recovery in house market by mid 2012. He will pull in fact another second term Clinton style and the market will move to massive high levels replicating the exactly same past from 1991 to 1995 to 1999. You heard this here first. Today 2011-2012 is 1994-1995 all over again.
I hedged big today and yet i left myself completely uncapped for December because i see a breakout for good inevitable by year's end. Especially with things in Europe finally looking up with massive efforts by all to save the Union and currency. Germany and Merkel cannot remain idiotic for long thinking they have a chance in hell with massive austerity, social crippling of poor and middle class people and break up of the union, risking true revolutions in society and break up of social order. Their own export economy will collapse if this happens and then their government's dept that is massive and worse than several others and depends heavily on healthy taxation revenue and strong economy will become a major problem too.
If Germans were ethically smart in fact they would be investing like crazy to improve the Greek or Italian or Spanish economies with proper terms of course in place. They would focus on excellent but not overkill just fair and efficient demand for taxation there and investing in the rebuilding of the economy and jobs heavily as if it was their own country because in the end it is, it is one united Europe and thats the only viable dream in a world with Asian powers like China and India emerging strong and so many other nations as well like Brazil or Russia or Korea etc all growing nicely and improving their position vs individual European nations without thoroughly sharing their social/ethical value systems.