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As always, Niels Jensen’s (via Absolute Return Partners) monthly letter is a must read.  In this month’s segment he touches on the Euro debacle and why Greece will ultimately default.  In the end, Niels agrees with me that Europe must move towards a fiscal union and he sees that occurring with far fewer countries than currently exist in the EMU.  He agrees with my colleague Marshall Auerback that the way out is through a German defection and the formation of a new Euro currency based around them.

Buckle up.  If Niels is right, the global economy is about to hit some turbulence in the coming quarters as this all unfolds. And the US government, through their inept ability to understand what is happening to the world, is not helping…



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