From which taxpayers does Eichengreen want bailout money?

In is interview with Der Speigel he claims the European taxpayers, especially German taxpayers should bailout their own banks. Why not let bond holders take the losses?  Bond holders take the losses, taxpayers then pay for current expenses and quit borrowing.  Why are we reassuring foreign lenders that taxpayers will cover losses, why not tell foreign lenders that they are at risk for lending to taxpayers in the first place.

I mean, its not like China doesn't know what goes on in Congress, and China should be well aware that they might get stiffed. We know why Chinese bonds lack liquidity, Communists are nutty.

Here is Ron Paul:

“There’s a moral hazard involved here,” Paul said. “The Fed really facilitates this spending and until we realize this .. I think the Fed is involved with our deficit and encourages it.” 

Congress hired the Fed chairman to deceive the world about Congressional sanity. The question is, why do bond holders trust the Fed and Congress?

Think about this, how many of us think my Senator, Babs Boxer, has a clue on how to handle the debt problem?