Greece is a dry run for what is coming.
>>Greece is a dry run for what is coming.<<
We’ll get a look in California in 2014 or so. I am one of the emigres...
Because European and American banks are joined at the hip, and because the Fed is the ultimate backstop for the Euro Zone, the contagion will hit here in full force a mere two weeks after Greece goes down and takes the euro and EU with it.
I suspect the derivatives problem at JP Morgan Chase is an indicator of this, and that $2B loss, which has grown to $5B, will explode exponentially when it hits the fan.