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No Firewall Can Save Europe; Debt Crisis Is Metastasizing

Social mood is negative and declining. The nominally "pro-Europe" Obama admin (at least the right-wing critics charge) refuses to bailout Europe. Emerging markets expect favors in return, of the zerosum political variety: we win, Europe loses.

Elsewhere, state health systems are going broke and paying pharma companies in IOUs. This bad debt on the balance sheets means many firms outside of the financial sector are now part of the debt crisis. The solution of creating more debt to prop up bankrupt sovereigns means the final crisis will be even larger and far-reaching than almost anyone expects.