George Soros on Europe's troubles and how to avert a crisis.

I don't think his solution of a new treaty creating a unified European Treasury, is going to happen before the European situation gets much worse.  I'm not sure a unified Treasury is required to deal with the current crisis, but I'm not confident Europe will be decisive enough in recognizing the fact that Greece will default, protecting and strengthening (taking over when necessary) affected banks, helping out Spain and Italy, avoiding counterproductive austerity and tight monetary policy, and so on.   Things look pretty bleak for the world and US economies over the next year.

From AP (11:30 AM Sept. 16)

U.S. Treasury chief Timothy Geithner is meeting with European finance ministers in Poland, which may suggest that the U.S. is growing more concerned about Europe's direction.

The U.S. is now pushing for a more decisive solution. On Friday, European leaders pushed back, saying they want to postpone a decision on more Greek payouts until October.

Perhaps the fact that the US is pushing Europe on this should be considered positive, but it also underlines the seriousness of the situation.