For those of you that keep waiting for some giant change-the-world event; I
invite you to re-gear your perspective. Greece has fallen, Portugal has fallen,
Ireland has fallen and now Spain has followed.
These are
significant events that are, in fact, changing the world though none has caused
Armageddon to date though they may by their aggregate but not singular
importance. This is also why Greece is of such key importance; it has nothing to
do with staying in or out of the Euro or of the preservation of the European
Union as a political entity. That part of the equation is barely relevant. What
is of critical importance though is that if they leave the Euro that they will
default on some $1.3 trillion in total debt that can be afforded by no one.
That
is the rub and you may ignore the rest of the Eurospeak that is bandied about
from Brussels to Berlin. A default by Greece will bankrupt and cause
re-capitalization at the European Central Bank, it will throw the IMF into a
tailspin and it will play havoc with the German Central Bank.
Do not
allow yourself to be taken in and mis-directed; this is THE issue and the only
issue of real importance.
Retired CEO of CHIPPEWA PARTNERS, Native American Advisors, Inc., now CEO of the Parisian Family Office. A White Earth Chippewa, Dean helped Native Americans for decades. Raised conservative, began Wall Street career in 1982, met game changer William O'Neil in 1984. In a world on a dopamine, hypomanic binge, this is his take on financial chicanery, political crime and life well lived at their Ghost Ranch in MT or Pamelot, the Parisian's TN farm.
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