First of all, it is nothing to be happy about. Over the last 2-5 years I have seen how the US and Great Britain, who own the media (above all CNBC), have been in denial about the problems that were occurring in their economies. These problems were a direct result of financial sectors which had grown out of proportion vis-a-vis their national economies and which started creating new derivative products to make themselves an extended living.

Well, we all know what happened with those derivatives, especially the OTC derivatives. Once 50% of these derivatives had been exported and became toxic, the financial centers at Wall Street and London started to collect as many bonuses as possible, just before the ship sank.

What most appalled me is the arrogance with which the US Media and English media then started to point the finger at the ECB, because the ECB did not change interest rates from 1 to 5% and back from 5% to 1% within the span of 3 years like they did. At the same time they also complained about Eurpeans not to spend as much as the Anglo Saxons to stimulate the economy.

And now that the ship is sinking due to excess debt, the US and English media are trying to make the world think that Europe is worse off, because it went later into recession than the US/GB. For me that is total spin. Why? As I argued a number of European countries (Germany, the Netherlands, Finland and the like) don't have debt, not at the public nor at the private level, but have savings to fall back on for a number of years.

This reserve of savings in Euros (particularly in Germany) is going to give the Euro a certain support and will sustain demand for a number of years in Europe.

I am the first to admit that the US is much more dynamic when it comes to change towards new growth, but for the time being the Euro bashing is part of the US spin campaign, like they turn everything into media hype, whenever it suits them.

Europe simply does not have the accumulated (private and public) debt the US has and that makes it easier for them to support the depression we are in.