they knew the fed would have flexibility and speed. really does seem to suggest american leadership in this one area, one crisis, has been far more responsive and proactive to use a horrible word than european leadership p. because we have the institutions that have the capacities both physically, in this case in terms of the resources that are available, and also politically, they have the discretion. the fed is an extraordinary institution. in a democracy like ours, the idea that we transfer, the degree of authority to that sort of an institution that s quite autonomous is quite markable. when you look at the history of the last few years, the head of the fed and others really deserve an extra amount of credit no pun intended, for having made shall very big decisions. essentially on their own. and we re playing with the stuff of history, a very different fit or a very different chairman, i think it could have turned out quite differently.fwit or a ver chairman, i think it could hav
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 tax