Desastre

"We American are simpletons; completely unable to comprehend the dizzying series of twists and turns in this Greek drama. The latest twist is Germany treating Greece like a naughty child, suggesting that maybe they need a 5-year “timeout” from the euro. And so we arrive at a German/Krugman alliance trying to get Greece out of the euro. Germany to punish Greece and restore order to the euro, while Paul Krugman sees it as a way of avoiding punishing Greece, of sparking an Argentine-style recovery...Syriza sees Grexit as an economic disaster for Greece and a political disaster for Syriza. And I also worry that the markets are clearly signaling that Grexit would be a deflationary shock to the other PIIGS, and indeed to the entire global economy. (Yes a modest one, but still unwelcome). But I am a bit conflicted, as also I see the euro itself as a huge mistake, a sort of doomsday machine. And so we await the dramatic climax that I am certain will occur today, because the Europeans told me so.  Oh wait, I forget that we Americans are gullible simpletons like the cartoon character Charlie Brown.  Darn, fooled again". (Scott Sumner-The Money Illusion)