However, the EUR optimists seem to be disregarding too easily some of the harsh realities of European periphery data revealing that the economies of most debtor countries are still contracting, and Germany alone cannot be the sole supporter.

FORBES: EURO Resilient Despite Political Uncertainty

Thus the supply of credit, the money supply in the wider sense, is contracting and contracting at a fearful rate in some countries.

FORBES: Eurozone: Sovereign Debt Becomes a Credit Crunch

The economies of a lot of countries, including the United States, were contracting at a severe pace.

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