The Eurocrisis comes to America
Something is very rotten indeed in the city-state of Brussels. Last night, I had dinner with a friend of mine who works for a large bank in Europe. We talked a bit about the increasingly ominous state of the European financial situation, and he mentioned something rather worrisome. This week, his bank was holding a series of internal meetings to inform various financial services managers of the bank’s plans to respond to a serious financial event. My friend explained that this indicated the various scenarios have already been gamed out, and the bank is rapidly moving to prepare itself in case any of the more problematic scenarios turn out to accurately reflect the real world situation.
Of course, these preparations don’t mean that anything is going to happen today, tomorrow or even next week. Boarded windows are not hurricane magnets.