Nathan Rothschild famously quipped, "Buy when there is blood in the streets," but he never said anything about firebombs thrown at Greek riot police, a trillion dollar easing of the money supply, or synthetic collateral debt obligations.
And so, after facing turmoil in the sovereign debt markets, the Dow Jones Industrial Average is down 5.7% this week—and slightly down for the year. The FTSE and the DAX are down, while Greece's Athex Composite index is off 12.8% for the week and a whopping 25.5% so far this year.
Is Europe really a problem for the U.S.? Is this a buy signal—or is it more like the bank run of the last two years morphing into a run on debt-laden countries?
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http://online.wsj.com/article/SB10001424052748703338004575230012501499240.html
