The European debt crisis worsens by the day, and the European banks seem to be in a state of denial. The euro is going down and they steadfastly refuse to believe it, confident Ben Bernanke and the Federal Reserve will bail them out. They are, in the words of that old Irving Berlin song, All Alone.

All alone, I’m so all alone

As the euro drifts away

All alone, by the telephone

Waiting for the Fed

To get in bed

So all alone, in the evening

All alone, feeling blue

Wondering where is Ben

Will he come, and when

Or is he like me

All alone too

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