In the financial world, no news is good news. By that measure, boy are things bad.
That’s not to say it’s the end of financial life as we know it, but reading the news out of Europe you might come to that conclusion. What’s astonishing is the growing feeling that the public cannot and should not take on socialized risk any longer, meaning that banks are going to have to fend for themselves. The same medicine appears to be popular for nations that have run up huge tabs.
This is no longer about Occupy Wall Street or even Occupy Main Street. This is turning into a worldwide rebellion.