Wall o gibblygook as usual. Germany is in GREAT economic shape! Even a millionaire can become a pauper if he makes all the wrong moves. And Germany wouldn't even need to re-capitalize anything if they would follow the advice in this Editorial.
First of all, your better than that!
If Germany bails out the profligate idiots those countries will still default and their financial system will still need to be recap'ed. Of which they would no longer be able to afford.
The US is currently in a better position that Germany is. Some investors don't realize that because they aren't taking into account structural stability of their banking system(Iceland has shown that matters). And Germany is benefiting from being the best of the EU so the rest of the EU is buying German Bunds so many of them can stay in Euro's.
And in the US our banking system is much, much more stable than the European's. First of all, our Tier 1 capital isn't dominated by sovereign debt of soon to be restructured sovereign debt. Second of all, our leverage is 1/3 of Europe's. Third, to be more specific our banking system is about equal to our GDP and Europe's is 3 times it GDP.
I mean Deutsche Bank has about $60 billion in capital against over $2 trillion in assets and its Tier One Capital is dominated by risky sovereigns. That is a bank that is going to be bailed out by Germany one way or another and its going to cost a decent amount to do so.