when the coming euro crisis unfolds, and it will start to do so in view of the rapidly rising sovereign debt of the eurozone and the problems of banks in Europe following the devaluation of government bonds and real estate, the European Central Bank will have its work cut out defending the interest rate spread between Germany and America, which really counts as it sets the direction for the international capital markets. the European Central Bank and its associated organizations are currently the biggest buyers of US government bonds, which shows that they are doing everything they can to keep US bond yields down and prevent capital flight.