Just another day in history.

“History is a nightmare from which I am trying to awake” — James Joyce

Well, at least we haven’t gotten to the world war yet.

After the Papandreou bombshell, Italian spreads over Bunds are widening fast and despite ECB buying again today, unless they step in with much more firepower, Great Depression 2 lurks in wait. If Italy crashes through the insolvency point, the numbers are staggering — far beyond the Credit Anstalt bankruptcy in ’31.  See AEP’s latest for some numbers with a hearty “I told you so”.

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