“Britain Suffers as a Bystander to Europe’s Debt Crisis” so says the headlines in today’s New York Times. On its home page this is followed up with: “If the Euro falls, Britain will sink, but if Europe forges a closer unity among the Eurozone countries, then Britain faces being ever more marginalized.” What the NYT doesn’t go on to say in its story is that, if the Euro fails, America will also be marginalized. This is why a deeply worried US Treasury Secretary, Tim Geithner, has been over here in Europe for the past three days talking to the four leading players (Merkel, Sarkozy, Monti and Draghi). Geithner, whose real executive power concerning currency exceeds that of President Obama (and President Hu for that matter) is too intelligent not to know that if the Eurozone sinks into economic depression then so will America and China. All three major economic powers (and any other country with a halfway competent civil service) will be busily printing food tokens and polishing their emergency procedures right now.