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Why Sovereign Default In The Eurozone Will Be Bad For The United States

One effect of the possible sovereign default of Greece could be a major decline in the value of the Euro compared with the dollar. While this might please the dollar fearmongers of the world (it's fallinggggg!!!!!), it's actually a very bad thing. Yes European travel might be more affordable, but it will do major damage to our attempts to raise exports because the Eurozone is our biggest trading partner.

I would like to echo Matt Yglesias in placing the blame for the possible collapse of the Eurozone on tight-ass, inflation-phobic German bankers. He also does a good job of showing the idea that Greece, Spain, and Portugal are paying for past sins is bullshit. They're in this position because of German deflationary bias.