Latest Euroflop Is US Opportunity

The wheels came off the latest EU bailout agreement this morning, at least from the standpoint of the financial markets.  European stocks were down sharply in early Monday trading, and the yields on Italian government debt rose as investors priced in new uncertainty about that country’s prospects.  The lapdog sector of the financial press spent the weekend chittering excitedly about the prospects (again) of Chinese backing for the bailout; the Chinese (again) politely pointed out that they are only interested in making good investments because they do not think they are rich enough yet to enjoy making bad ones.