new york and finance who say, look, at the end of the day, germany can't afford to write these checks. it's just a question of how it happens, but you take the sum total of all these debts and the germans can't afford it. but you're saying that we may be passed that point. >> i think we are passed that point. this is all about germany and it's all about the end of the german appetite for writing checks to the periphery of europe. >> so explain what you're saying, precisely, what happens. >> let me put it really simply, fareed. 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 country, the core of the system, will be making regular transfers from their taxpayers to taxpayers on the periphery in less productive, less efficient countries. >> play this out for me. you have these -- you have -- what is happening right now is it's becoming much more expensive for the irish, for the