When something is broken, linking it to other broken or tottering entities seldom provides a long-term fix.
Europe woes trigger new market sell-offs
Europe proposes banking union to ease debt crisis
The headlines are delivered with all the journalistic zeal of breaking news. But they sound little different from other zealous headlines we've been hearing for well over a year now. When you tie together a bunch of unsustainable economies, you just create a bigger mess.
Looks to me like Europe remains on the fast track to a good hard dunk. When it does, I'm still sitting on the fence whether the U.S. gets hammered immediately or if we get a little pop as money flees Europe and seeks refuge in America. Whether it comes quick or takes a little time getting here, we've got more economic turmoil coming our way. And we've squandered way too many resources on extend and pretend, and too big to fail games rather than cleaning house and putting things on a more sustainable path.