In case you are wondering if some place small like Greece can bring down the entire world economy...the answer is yes...!
In fact it is customary for major collapses to begin in very small places...and spread to the larger economy...
Perhaps the larger economy is more able to hide the problems....and the smaller places act as the "canary in the mineshaft"....
So, the canaries always die first...it seems.
But by the time that happens...there is a lot of underlying trouble to yet come out...in the larger economies...
But by the time that happens...there is a lot of underlying trouble to yet come out...in the larger economies...
We all know that the the US...Asia and other large players have been living on borrowed time, borrowed money and lots of bullshit...
What becomes of the twin US deficits....? What becomes of Asian surpluses...? Inquiring minds want to know...
These economic inflexion points are what depressions are all about...? The Tectonic plates of the global economy may seem stable...and unchangeable...but they are not...
If the underlying global economy were completely healthy...Greece would not matter much...
But Greece is merely a symptom...alas, writ small...of a much larger disease that afflicts the entire global economy... Simply put:
The Age of the Great Bubbles has ended...
