John Mauldin: The Bang! Moment is Here
We know
that money is simply flying out of Greek banks. A number of them are clearly
insolvent, yet they are meeting demands for withdrawals. Where is the cash
coming from? The answer is in the form of yet another acronym from Europe,
called the ELA. Is there a limit to this largesse? And politicians are becoming
rather snarky (short-tempered, critical, testy, irritable, freaked-out – you
fill in the word) with each other. This is what happens when crisis-weary
politicians face yet another Greek tragedy, but this time perhaps it will hit
even closer to home. Is there anyone left anywhere who has not grown tired of
reading about Greece? I am tired of writing about them, yet if we are to
understand the sturm und drang, the
storm and stress, of Europe, we must begin there. Because, unlike Las Vegas,
what happens in Greece most definitely does not stay in Greece.
