Anyone with significant European exposure is going to experience some pain.
As bad as things feel here, Europe is an absolute train wreck.
I’m no financial guru but it sure seems to me like Cloward Piven got away from them and now the real hell is about to start.
This is why the pressure is on Merkel to buy bonds from the PIGS. Private banks already are overloaded. Any write offs or default are going to kill them. And, given that we are part of a World Economy, it cannot be walled-off from the US economy.
As things have progressed the last four years it has become more and more clear that none of these authorities knows what to do. Just like in the early 1930s the monetary and financial institutions blindly move from one ineffectual policy to another. And political considerations prevent them from taking a course and sticking with it which might even work. But moving back and forth between prescriptions just makes the disease worse.