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Monday
Oct312011
Wake-Up Call - 10/31/11
October 31, 2011
The Greek Conundrum
The can of Greece has been kicked into the air, rather than down the road. The question is who will catch it as it falls? There is no “deal”, just a managed default which buys Greece a few months. The other peripheral countries are lining up inexorably to receive the same deal. The EU will shortly find itself overwhelmed. There is already a classic run taking place on the Greek banks. Portugal is next. Analysis of an article in the NYT claiming that consumer spending drives GDP. Wrong! GDP growth is a direct result of the success of a nation’s private economy.
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The can of Greece has been kicked into the air, rather than down the road. The question is who will catch it as it falls? There is no “deal”, just a managed default which buys Greece a few months. The other peripheral countries are lining up inexorably to receive the same deal. The EU will shortly find itself overwhelmed. There is already a classic run taking place on the Greek banks. Portugal is next. Analysis of an article in the NYT claiming that consumer spending drives GDP. Wrong! GDP growth is a direct result of the success of a nation’s private economy.
Download this episode (right click and save)
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