Europeans are concerned that the current debt crisis could lead to a major bank failure, like the one sparked by Lehman's bankruptcy in September 2008.

The New York Times reported Wednesday there are growing questions about whether Europe's top banks can ride out the debt crisis. Some banks are having a harder time just getting loans to keep operating from day to day.

Former German Chancellor Gerhard Schroeder said a "United States of Europe" needs to be created to prevent similar economic and financial problems in the future.

Schroeder believes Europe cannot have a common currency without a single government.

"We will have to give up national sovereignty," he said.

Europe's debt problems, which have simmered for more than a year, are deepening. Bailouts for Ireland and Greece have not quelled fears that either country will default on its loans, an event that could lead to the collapse of the euro.

Investors are still buying gold as a safe haven from the European crisis and America's debt problems. The price of gold closed at $1,895 an ounce on Tuesday.

Europeans are also buying U.S. Treasury securities, which is bringing down interest rates and may cause mortgage rates to fall under 4 percent soon.