If I have to listen to any more hysteria about the "Yuro", I'm going to scream. Today an "expert" emotes: "Imagine waking up and finding that you no longer know how much money you have or the price of anything". But how many times in history have currencies "disappeared"? Governments, yes, politicians, yes, even economic systems "disappear". But rarely currencies. Let's consider a real country, part of a sprawling federation, where public servants say "they pretend to pay us and we pretend to work", where economic numbers are cooked, where 70% of economic activity is chain-ganged to one unproductive activity, where a pampered urban elite is excused taxes, where economic stagnation and loss of external confidence have closed the debt markets. Greece or Europe in 2011? No, Russia in 1989 (Yuri not Yuro was the whipping boy then). And what currency did Yuri have in his pocket? The Rouble. Now? The Rouble. Has the Rouble been a store of value? Hardly. Did the Rouble survive? Absolutely. My partner Bruce thinks the "Yuro" crisis has 3 scenarios in 2012. "The No-Bazooka Outcome"; the Yuro drifts down by about 10-15%. "The Bazooka Outcome" (ECB backed Yurobonds, QE etc); the Yuro rises by 5-10%. "The Strong Get Stronger Outcome" (Greeks or Portuguese leave); the Yuro rises by 10-15%. In 2 out of 3 scenarios, the Yuro strengthens. But what probability to assign to each? I wrote recently: "The surprise survivor of the Euro Crisis may be the Euro and the surprise casualty its strongest member." I'm sticking to this, but also hedging some Yuros.