Business Insider: This Is A Fantastic Presentation On Why 'Germany Is Riskier Than You Think'

Carmel Asset Management's Jonathan Carmel gave this massive presentation on German exposure to the potential outcomes of the eurozone crisis, and concluded that "Germany is riskier than you think."

Since the beginning of the European Monetary Union, German banks and the government have been expanding their exposure to peripheral Europe. No matter what how the crisis ends--fiscal union or euro break-up--dealing with the consequences is likely to be expensive for Germany.

Click here to find out why Germany will probably lose no matter what

Of course, Carmel's presentation is a sales pitch for a bond vs. CDS spread trade for speculators to bet on the idea that the market is underestimating the costs of the Euro crisis to Germany. But the economic presentation is very good.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa