Europe's debt troubles are so severe and intractable that the resignation of a senior ECB official was sufficient to cause a big drop in the Dow. This should indicate to even the uninformed casual observer that even the tiniest of black swans can now crash the West's stock markets.
Elite opinion is more inclined towards panic than the hints leaking out in that article. Recent declines in stock sales by insiders are deceptive. Insiders sold plenty of their holdings in 2009 with the market's head-fake recovery and continued to sell into a rising market in 2010. They're done selling because they've sold all they need to sell, not because they're suddenly bullish on America's prospects.
The developed West is in for a very hard time. This is 1932 all over again, but with digital communications shouting the latest HFT-driven swings to all corners of the world instantly. More crashes await the dirt-cheap value investor.
Elite opinion is more inclined towards panic than the hints leaking out in that article. Recent declines in stock sales by insiders are deceptive. Insiders sold plenty of their holdings in 2009 with the market's head-fake recovery and continued to sell into a rising market in 2010. They're done selling because they've sold all they need to sell, not because they're suddenly bullish on America's prospects.
The developed West is in for a very hard time. This is 1932 all over again, but with digital communications shouting the latest HFT-driven swings to all corners of the world instantly. More crashes await the dirt-cheap value investor.
