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Despite all of the concerning news and potential black swans, I note in talking to a variety of people that they just assume Europe will muddle through, Spain and Greece will not be a major issue, and the US will also muddle thru. They completely ignore Iran, Syria, Egypt and the rest of that part of the world as though they could not even have any influence on America. While it is clear that finally the Europeans and the IMF are seeming to wake up, and are discussing some new, and possibly good solutions, they are far from solutions, and even if they do create a European FDIC, or some other Europe wide bank pool, or if they create some way to better integrate fiscal decision making, it will take time to make any real difference. As we have seen time and again, muddling along only exacerbates a crisis, and then fixing it is that much harder. Just look at the deficit in the US, the tax code mess, jobs and all the other issues that are not getting addressed for many years here. Now the US creeps nearer to a similar crisis to Europe. In short, this attitude of some of my friends to make believe and assume all will be OK is what the US did in World War I, World War II, and many other crisis situations. Eventually things explode and the bubble of happy thinking ignorance blows up in your face.

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