I've made this reference many times before, but the situation at the moment reminds me of the anecdote about Ernest Hemingway during The Great Depression asking a man how we went bankrupt.
The man replied, "Slowly. Then all at once."
I think that we're now watching a dance of death between sovereign states and banks, intertwined by unserviceable and unrepayable levels of debt, with more debt being laden upon more debt, one huge circle-jerk, with all the parties destined to go down with each other.
We seem to have reached the stage where, in Europe's case, unless the eurozone's political elites sanction the ECB printing at least a €1 trillion - and fast - and slamming it into the European banking system, then certain European banks and nations are going to reach that "all at once" moment any day now.
Unless, of course, a banker or an economist of this parish can explain to us all how and why the current slow-motion train crash is likely to come good ... any day now.
Honestly, I really would like to see a tightly argued expert analysis explaining how all that is now being done by the triumvirate mafia (the bankers, the bureaucrats and the political puppets) to "save Europe" will indeed, er, save Europe. I mean, Italy's next on the list, closely followed by La France.
On reflection, make that €2 trillion will you please.