I have to say that the theory that the markets are the synthesis of a bunch of knowledge has taken a real body blow over the past several years. It is obvious that more loans to Greece won’t work. They can’t stop spending. Any time they try they get riots. The type of radical spending cut they need will result in civil war. Yet the markets somehow thought that a new loan package would get Greece back off the cliff. Amazing that people who are billed as so smart can be so stupid.
et the markets somehow thought that a new loan package would get Greece back off the cliff.
The US Senate, last Thursday paved the way for an additional one-half Trillion in increased spending. Because of the "Super Committee" the House's vote can't stop it. I submit that this new found money is going to Greece.