• Can’t blame Europe alone for high and rising US deficits/debt (amen brotha!)
  • Subject of g20 to be countries taking care of own responsibilities, avoid spillovers to others
  • Crisis not like Lehman; we understand the problems
  • ESM not designed to bailout banks; changes would need to be made
  • ESM could recapitalize banks with proper recourse at the bank level or even at the government level
  • No magic bullet to avoid contagion; price stability best contribution
  • Europe not only reason for weakness in China and Brazil