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Falling European dominos

Lehman Brothers with a Greek accent

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"Risk free isn't risk free any more"

I love how the central banks think they are going to solve the credit crisis in Europe.

Right now, Germany is the only possible solution to Greece's (and other country's) desire NOT to reform themselves financially.

Will Germany continue to shovel money at them indefinitely and without limit? The politicians with internationalist aspirations might think it's a great idea, but the German tax payers who are going to get the bill don't.

"One Europe" is an unnecessary and ultimately destructive fantasy and the current situation was inevitable the day that weaker, less disciplined economies were absorbed by the Eurozone.

The question is not will this system fall, but what it will look like as it does.

As Kyle Bass points out, the problems may well shift from balance sheet problems to physical - as in on the street - problems before too long.