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For those seeking a clear, to the point summary of the European crisis at this very moment should look no further than this excerpt from Michael Krieger (hat tip ZeroHedge). :
“Nothing has changed and absolutely nothing has been accomplished. There is no “solution” to the crisis that will not result in massive pain, confusion and wealth decimation. The reason is patently obvious. At least half the continent is completely and helplessly bankrupt. There are only two outcomes to the entire situation. Either the sovereign debts are written off aggressively and the banking system declared insolvent and restructured or the ECB decides to turn on those printing presses to the tune of trillions and destroys the purchasing power of the union in Zimbabwe-like fashion. People will read this and think I am exaggerating . The phrase “it takes 5 minutes” keeps running through my head because all it takes is a small amount of time to see the situation for what it is. I am not that smart. This is obvious. The scary thing is that it is abundantly clear that the vast majority of U.S. investors have not bothered to take the 5 minutes necessary to understand how extreme and binary the outcomes to all this is. Their clients will suffer massively in the months and years ahead as a result of their laziness and lack of macro curiosity. ” – Mike Krieger
I Love it. With Europe summed up let’s take a look at the markets which rebounded strongly today after Greece suggested it was backing off its suicide threat in favor of a more drawn out and lengthy demise (bookmark this page for daily Europe updates).
PS – Groupon starts trading publicly tomorrow under ticker “GRPN”. With such a small float (5.4% of entire shares) it should be a volatile day. Read the full story at WSJ.
