Maybe it’s because I have been in Europe this past week (Munich at Octoberfest actually – Men in way-too-short leather shorts, dirndls, beer steins the size of a politician’s ego, the most astonishing amount of drinking, etc. Good heavens.) I have been wondering: Has anyone been paying attention to what’s happening in Europe lately? You’ve read about Europe periodically in this commentary because we think that the financial success of the European Experiment continues to matter a lot for financial markets in the US and for the US economy more broadly. Here’s a flash, it is still broke.
Continue Reading Remember Europe? Harshing My Mellow
Grexit Deferred: The End of the Beginning for Greece?
For want of a baker, a job was lost. For want of a job, the economy was lost. For want of an economy, the banking system collapsed. For want of a banking system – well, ultimately Grexit.
Grexit, Grexit, Grexit, Grexit, Grexit, Grexit, (China), Grexit, Grexit. The Greeks will be fine, right? There is no such thing as contagion, right? Your lips to God’s ear, please. As I write this, the Greek Parliament has approved the bailout and it looks like an immediate Grexit is off the table, (although the Germans are none too pleased)! Wonderful.
Continue Reading Grexit Deferred: The End of the Beginning for Greece?