Unfortunately this is the attitude of the masses across the pond. Denial isn’t just a river in Egypt. I guess they don’t realize that almost every country is practically on the brink, especially those with massive unsecured loans to Eastern Europe. Countries like Sweden, Switzerland and the U.K. have huge chunks of their GDP in loans to Eastern Europe, Austria alone has 70% of their GDP in loans there. What happens when they default? It’s coming. The housing boom in countries like Italy and Ireland makes the U.S. boom look like a teeny tiny blip. The underpinnings that are collapsing in that area are coming home to roost, and in a huge way.

In my opinion the G-20 is like the United Nations but with checkbooks, equally inept and irrelevant. George Soros, whether you agree with him or not, said the other day that if things don’t work out at G-20 we will fall into a Depression. Think he’s short?

Lot’s of opinions for sure on this topic, the market will be the final arbiter.

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