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Kidnapping the world with a structured and well planned financial crisis? ------------------------------------------------------------------------------------------------------------------------------- Thinking the Unthinkable in Europe ------------------------------------------------------------------------------------------------------------------------------- Measures will have to be taken to prevent a financial meltdown in the eurozone as a whole. First, bank deposits must be protected. At the same time, the European banking system would have to be recapitalized and put under European, as distinct from national, supervision. Finally, government bonds issued by the eurozone’s other deficit countries would have to be protected from contagion. The last two requirements would apply even if no country defaulted. So there is no alternative but to create the missing component: a European treasury with the power to tax and, therefore, to borrow . This would require a new treaty,...