chairman, i think it could have turned out quite differently.t chairman, i think it could have turned out quite differently. o chairman, i think it could have turned out quite differently.fed or a very different chairman, i think it could have turned out quite differently. it reminds you how individuals can change the vours of the cou events. >> some say germany can't afford to writ checks. just a question of how it happen, but you take the sum total of all these debts and the germans can't fooshd it, but you're saying we may be past that point. >> we are past that point. it's about the end of the german appetite for writing checks to the periphery of europe. >> so explain what you're saying. what happens? >> really simply, do the germans want to be the bankers to the united states of europe? in other words, do they want to create a truly federal system in which it will be clearly understood that they as the rich cup, the core of the system, will be making regular transferses from hair taxpayers to taxpayers on the periphery and less productive, less --