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Hi Nate
Thanks for your reply.

To quote the President... " ... I'm not afraid of China ..." ... he's not and neither am I; but we are living in very interesting times ... and there are many situations that could go terribly wrong and commence a trajectory which we have anticipated not well - which is only to state the obvious.

Of course, I concur with your observations above. And it is much more complicated than any Chess Game.

but to return to the Euro Crisis:
in my view
... with respect to Europe, the Bond Markets et al, seem to be behaving as if 'something' might be wrong, but they think they can 'adjust' just-in-time. A replay of the Too Big to Fail drama.

And Italy has had at least 30 years to restructure their Labor Markets, Etc, and has deliberately not done so; to think they will renounce the past anytime soon is (in my opinion) naive.

Ah well, enough.
Toni
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