My chat buddy Eric Kraus writes today: The "Plumbing" of global financial markets coming unstuck - ITRX XOVER over the moon, TED spreads blowing out, interbank market drying up, Euro plunging (no bad thing in itself, but not a good sign under the circumstances) and Spanish rates worrying the 7.5% level. It may sound abstruse, but ask Granny what life was like during the great depression. I think they have - maybe - a week to find some lasting solutions, or it could get truly ugly. And there is this odd lack of urgency amongst those democratically elected leaders who were supposed to govern Western Europe. Like happy children pitching about a live hand-grenade...it could end very badly. The last time he felt this panicky was in 2008. Hmmmm.
Joanna
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