The View from the Cheap Seats
Some 20 years ago I got some cheap tickets to see Pavarotti at the Met. The three of us standing behind the last row saw a very different show to everyone else that night – our view of proceedings was sandwiched between the overhanging balcony and our seated friends. My memory is of a splendidly voluminous shirtfront and that bloody white hanky – sometimes the clearest view comes from unlikely angles.
Two recent articles that stand out on the European sovereign debt festival are:
1) John Hussman (here) – who coherently argues that the ECB is incapable of printing money (without a radical overhaul).
2) Grant Williams (here) – who walks through the contradictions in Basle III that highlight the terminal condition of Europe’s banks.
We are deep in Act III…History doesn’t favour the creditor, meaning that the odds still favour disintegration over political unification. Europe’s banks are being mercilessly squeezed – who will be first over the parapet? (I’ve got my money on Deutsche Bank.)