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Notes to myself, possibly of interest to others.
-- Bill Northlich

Tuesday, June 28, 2011

WSJ Reports the Obvious

We are confronting a crisis, all right, but it is not a Greek crisis...What we have come to call the Greek crisis is, first, an international banking crisis. Like Lehman Brothers, Greece is definitely not too big to fail. It is too interconnected to fail, too interconnected to the international banking system...
---WSJ Today.

Bill: They were discussing the Eurozone; there is a lot of obligatory bashing of said area about high taxes and the like, but the fundamental point, above, comes through I think. You can substitute what you want for "Eurozone" except perhaps the Democratic People's Republic of Korea.

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