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Visit Newsreal I put this question to my investor friend, whom I’ll call Angel Ware, about the situation in Europe: Any insights into the ramifications of the Greek crisis?
Here is his answer:
“...the good news is that there is plenty of time between here and there for governments to get their acts together and keep the game alive (the game being that people buy bonds from countries with bad balance sheets due to the implication that they will be bailed out by larger governments with bad, but larger and better balance sheets). However, it could get considerably uglier.
"The other thing to keep in mind is that the last time that large European countries defaulted and couldn’t pay for their social programs, Hitler rose to power and we had WWII.”
Well, there’s a happy thought. It may turn out that the greatest tragedy of the 21st Century is that people failed to learn the lessons of the 20th. But then what else is new?
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