[W]e’re at an inflection point, in Europe, and all the signs are pointing to more chaos and uncertainty. The last crisis brought Europe and the world together, at least briefly. This one is tearing Europe apart. The unity that we saw at the G20 summit in London in 2009 is nowhere to be seen, and there’s no indication that it’s going to emerge again, at least not before it’s too late. Most of the time, market reports of “worries over Europe” are code for “global stock markets fell, and we don’t know why.” This time, I think they’re legit.
Ryan Avent chips in his two cents.