The debt crisis in Europe remains a destabilizing force in the global economy, and concerns have sent markets whipsawing for months. Economist Ed Yardeni offers up a useful allegory illustrating the mess and why it’s far from being solved:
The ship of fools is an allegory that has long been a fixture in Western literature and art. It depicts a vessel packed with clueless passengers who are so obsessed with themselves that they don’t realize that their ship has no pilot and is either on a cruise to nowhere or sinking. That certainly describes what is happening in Europe. Here’s the latest:
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