In today's letter, John Mauldin explores the options that the Eurozone faces in order to stay together, and what it all means for some of the countries involved.

This week the German Bundesbank waved the white flag. The die is cast. For good or ill, Europe has embarked on a program that will require multiple trillions of euros of freshly minted money in order to maintain the eurozone.

The US employment numbers came out this morning, and they were disappointing. But disappointing does not begin to describe the situation in Europe.

Given the chaos and insistent inflation over time that the Federal Reserve and fiat currency have produced, it is hard to argue that the current system is one that should be encouraged.

In secular bull markets, an investor should search for assets that offer relative returns -- stocks and funds that will perform better than the market averages.

We simply must pay attention to what Spain has done this week.  What we will find may be considered a tipping point when the crisis is analyzed by some future historian.

Today's employment numbers were decidedly soft, but the unemployment rate went down anyway, and that is about the best you can say. And this being a holiday weekend, it provides us an opportunity to look deep into the employment numbers.

John Mauldin takes a look at a few random subjects in this week's article.

Everyone knows by now that the US is facing difficult choices. Depending on what assumptions you use, the unfunded liabilities of Social Security and Medicare are between $50 and $80 trillion and rising. It really doesn't matter, as there is no way that much money can be found, given the current system, even under the best of assumptions. Things not only must change, they will change.