Nothing matters right now except Europe. The technical and real failures in the stock market, better jobs numbers, quibbling about recovery sustainability -- all sideshows. Default in Europe is not merely inevitable, but under way. Sometimes default comes in one "swell foop," and other times progressively or displaced, as now: a bank run in Europe is gathering speed, anticipating ultimate default. Hence the 10-year Treasury note to 3.39 percent, mortgages at 4.875 percent. Europe coming apart confirms three large and acutely human lessons: the game-theory of bailouts, the morality of lifeboats, and the Newtonian physics of hot stoves. Imagine that your house is on fire. Further, the tinderbox next door is inhabited by a neatnik-retentive who has hoses stacked at every...
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