Eric Kraus of Truth and Beauty has a nice and thought provoking piece on the Greek / European situation.
while the economic situation in the core EU is troublesome, it is a hell of a lot better in Europe than in either the US or Japan! At 4.6% the blended EU fiscal deficit is less than half the US equivalent; total EU
sovereign indebtedness is far below that of Japan or of the US (counting US unfunded liabilities), whilst Germany is enjoying a robust trade surplus, rapidly declining unemployment, a well-supported
real estate market, and eminently sustainable economic growth (i.e. growth not supported by rising debt levels).
...say you are short Greece, and it goes down on Tuesday – what do you do on Wednesday? You short Ireland and Portugal! Given the wave of panic that a Greek default would provoke, taking out the two nextweakest members would be akin to shooting fish in a barrel. By Friday, with two more PIIGS down, it would be time for the plat de
resistance – Spain...
Go read the whole piece....what Germany failed to attain in 1914, and again in 1939, is now within her reach, not by any dastardly plot, but by pure happenstance...