There's this guy by the name of Garman who is a regular contributor on CNBC I have found him to be one of the most astute if not the most astute commentators they have. Caught him today. He said without much hesitation that the Euro is dead and the EU is finished...it's just a matter of time.
You might remember that a few days ago I noted that the market was pricing in a full scale rescheduling when it came to Greek debt. Every day it appears more and more likely and now it is becoming fashionable for all the wags out there to proclaim that they have "issues" with the bail-out package as to whether it is really enough. As most of these geniuses still haven't a clue, I guess this St. Paul like moment is not a bad thing but it still makes me shudder. The Greeks had their little demonstration-day today and managed to kill three people whilst burning down a bank. Not helpful. As a wise man once put it, "It's always darkest just before the lights go out."
Tomorrow is going to be a monumental day across the pond as we see what effect today's outburst will have and at the same moment it's election time in Blighty. I'm going to hold off a bit to see what the lay of the land is before commenting further. Remarkably, the New York Times was silent today and no one...and I mean NO ONE--has even raised the issue of NATO in light of what could be a coming Euro collapse. How long do you think that state of affairs is going to last and I wonder what The Leader is thinking? Gotta love this foreign policy of inclusion...except there may not be anybody to include. Stay tuned. Big blog tomorrow
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