Okay, so the cactus economic pessimismometer is now at an 8, and verging on a 9. God help us if we reach a 10, as looks likely now.
Things don't look good at all. Reform of the ECB is going to come too late. Greeks don't want to pay the price for all of Europe.
Greece falls, the other PIGs will topple. Then Italy. Then France. Then the whole Euro area. Then the global financial system as all those sovereign debts turn out to be worth less or worthless.
The US, possessing a continent-sized market of its own and with a credible central bank, will not fare as poorly as Europe. So in the relative pain stakes, things look good.
But it's going to be painful all the same.
Ugly, ugly, ugly.
Have pity upon us, future folks. We wanted to. But we couldn't solve our problems.
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