Quick! Someone crash the euro!

As I see things, the only thing that will keep the US dollar index from collapsing down towards 2008 lows is if someone blows up Ireland, Greece and Portugal. I therefore assume that Bernanke will call Hank Paulsen, who will call Blankfein, who will orchestrate the largest naked-shorting operation on European government debt in the history of mankind.

Angela Merkel will be furious, I suspect. If she finds out what has happened, I suspect she will call up Axel Weber, and demand that he takes over the steering wheel at the ECB, and starts dumping dollars faster than you can say "systemic collapse".

Welcome to 1971. All we need to wait for now is Barack Obama entering the TV-screen and pronouncing that due to evil currency speculators, he is going to decouple the US government bond from the dollar, and pay back the US government debt in imaginary money, to preserve the stability of the US financial system.