I recommend reading the follow up post:

http://market-ticker.org/akcs-www?post=196893

This doesn't have to be true for people to think it is, and as we all know, what people believe is often more important than the truth.

OTOH, if it is true then all bets are off because there won't be anywhere left that you can reliably place a bet.

Right now the distraction is Greece, but the story to follow is MF Global. Does this spill over into general contagion, or do we just keep on whistling past the graveyard? It's a pretty big graveyard at this point, and many of us are getting dry mouths from all the whistling....

ebear