Yglesias hopes there’s a plan B for Europe:

…the risk is that American leaders will overestimate our degree of insulation from the European banking system. You never want the people in charge to actually set off a panic by speaking too soon about hypothetical calamities, but we’d all better hope that somewhere in the basement of the Treasury Department and the Federal Reserve they’re prepping a Plan B to keep money flowing even if European finance dries up.

 

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