Who is worse off, US or Europe?
A couple of days ago one of the spinners ( I think it was Geithner) said that the Euro will be slower to recover than the US dollar because the EU has not provided enough monetary relief.
So what, who is in a bigger mess and needs more stimulus?

Example:
A week ago or so I chatted with a lady in southern Poland and today obtaining more details.
Similar to often mentioned Californians, she having a modest home and interest rates were low, bought a more spacious apartment in Krakow. She borrowed through a polish bank but in Swiss currency because the interest rates were much lower than in polish currency. With the borrowings from Switzerland by eastern Europe and now associated defaults, banks have raised the interest rates. Now she has to sell her previous (older) home to help pay for the spacious apartment which she prefers to keep.
However with the financial crisis there are fewer buyers not because of price ( she already lowered her ask price by almost ten percent and only one interested party came to look it over ) but because of nervousness about the future. She feels that as soon as her house gets sold she will have no problem and still be better off than she was before.

Sure, Austria, Ukraine, Iceland, Greece and the likes have problems BUT most of the folks in those countries purchase largely with cash and not with 100% credit. Their large banks have not gambled to the degree that the larges five in the US have. Their borrowers will mostly pay back the loans even if with renegotiated terms while many US banks will be lucky to get back 50% on their problem loans.

It struck me, not only do they manipulate the PM prices and short the stock markets but also spin the public's perception as to whom is in a bigger mess financially and economically. THe above comment from Geithner? was because of G20 and meant for US consumption.
Is he afraid that many would jump from the dollar to the Euro especially when a world currency is the topic of discussion?
The answer seems obvious, Yes.