The gamblers have shorted the euro all the way to Hades in contracts at the Chicago Merc, and the next sound you hear will be the screaming of the bankers. The reckless debt leverage in Greece is a poision that is spreading like an oil spill in the Med.  The wit here mentions that the potential downside for European bailout artists is $320 billion to save the collective rags-to-rags economies of the PIIGS -- Portugal, Ireland, Italy, Greece and Spain. Greece may be gone. Spain is en route to execution.  The shortside is money like drugs, and it will excite the ops.  The US dollar is rallying?  Well, the euro and the English pound are collapsing, so it makes the dollar look healthy until you peek at the yen and the renminbi.

What is striking when discussing the troubles in Greece and Europe is how there is no interest within the Obama administration or its policies.  The EU appears indifferent to Washington, which is just as well because Washington has been dismissed for the week and will not likely return until after the long holiday weekend.  Lauricella did mention that smart managers point to California as a much bigger problem than Greece -- and that no one looks to be hysterical at California's crater of debt.  It sounds as if the EU has learned that it need not confer with POTUS Obama or his team, and need not look to Washington for ideas or solutions.  Every sovereign fund for itself.  No panic yet.  Panic starts when it starts.    Aaron Task tells me that the market ops are not happy about the erosion in the EU, but they are not moving market bets yet.  Bear Stearns was a little problem, right?  Handled by selling itself to JP Morgan with Fed money, right?  Nothing bad gonna happen as long as the Feds are vigilant, right.  Greece will go away, right?