Fried in Greece

Another big credit crunch is brewing, this one starting in Greece.  It may not be obvious how and why this has the potential to affect us across the Atlantic, but it does. In many ways, this is just a mirror of the Goldman grilling in the US House – a story of cavalier disregard for reality unraveling as the people nominally in charge of things try to get a grip on what is actually going on.  How this one is handled will resonate for at least the next few months as the developed world struggles to get a handle on what’s really happening and what they can do about it.