Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

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Monday, February 20, 2012

Greeks lose the faith

I think the markets now are convinced that Greece will default.  It's been obvious to me for a while that she would, and the draconian austerity forced on her by Germany virtually guarantees it, as I said in my last post.

Read this article.  Has the ordinary  Έλλην επι  τῃ  όδῳ  (man on the street) now realised that default might actually be less painful than a deep depression?  And when Portugal faces the same conundrum?   And Spain?  And Italy?  Does Germany realise just how deep -- and how long -- the European depression could be if the euro blows up?

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