Most have played the childhood game of Snakes and Ladders (albeit in less volatile, margin hike-free, and sovereign-solvent times). Few, however, have appreciated just how applicable this game is to a rapidly deteriorating, game theoretical balance currently sustained in Europe at the expense of hundreds of millions of middle-class taxpayers. Here is JP Morgan's Michael Cembalest explaining how one can simplify all the highly complicated political and financial machinations vis-a-vis Greece can be reduced to a simple board game. And, speaking of snakes, or in this case anacondas, perhaps just as notable is the envisaged relationship between Greece, as the pray, and Europe, as a constrictor snake, gradually engulfing the small, and recently quite militant country. For those familiar with the debtors prisons of the middle ages, it appears that the van Rompuy institution has finally managed to recreate one under a regime of globalist "democracy."
Eye on the Market, Michael Cembalest