[photo: Alessandro Di Meo/EPA]
The European crisis is now absolutely systemic and fatal. America's and Japan's enormous problems are only adding weight. This is Dmitry Orlov's "Aha" moment when everybody wakes up at once and realizes how FUBAR things really are. Maybe as soon as tomorrow the world's markets will wake up and realize that there are no more buyers for financial instruments anymore. This is the popping of the derivatives bubble that I warned of in my first-ever economic alert at From The Wilderness on Sept. 9th, 2001 .
The rest of this week is going to be an "E" ticket ride. -- MCR