EU Crisis Road Map

Wed Jan 25, 2012

Here is the detail of the EU Crisis Road map.

I do not ever recall a crisis being laid out in such detail, where was this handy chart in 1929, 1958, 1973 or 1987 or March, 2000?

Even shepherds in Mongolia know that, yes, Greece is going to default. Known factors rarely degenerate into a panic, rather it is the unknown.As Reinhart notes in This Time It's Different, Greece since its modern founding about 1825 has been in default as often as it has paid its debts. Beware Greeks bearing bonds...

Markets are relatively quiet again today. The pattern of selling off in the morning followed by some recovery in the afternoon continues. Apple earnings boosted the QQQ as I suggested last night. The QQQ is not a buy here but shuld power higher.