This separation of Europe into a "good north" and a "bad south" by the traditional European press has been instrumental in undermining feelings of solidarity on the continent and have torn at the very heart of the "European ideal."
How ironic it is that financial oligarchs and their enablers in public office can escape accountability for their role in the greatest financial catastrophe since the Great Depression, while scientific researchers are sent to prison for lacking divine prescience?
In the U.S., the action in the bond market is difficult to explain. Yields have fallen dramatically this year despite several developments that normally would cause bond investors to flee and yields to soar.
We've had financial bubbles before. This one's got a twist though. It's fraught with complexity, scope, depth, widespread fraud and bad underwriting practices making coming out of it, all the more difficult.
The European Central Bank is acting as if it can dictate terms to Greece, but Greece is a sovereign country. As U.S. banks found out, when someone owes you money and they can't pay it back, you are in as much trouble -- sometimes more -- as they are.
After every financial debacle or war, there is a huge political struggle over whether creditors get to stand in the way of an economic recovery. Greece is the poster child for this dilemma, and the Greek story reveals the real villain of the piece.