This Ripe Moment

[CanonRay]

The narcolepsy of the long Yuletide draws to a close and the world reawakens to its self-spun web of mutually reinforcing fiascos. Just before the holiday, a sense of futility darkened the European banking landscape as cascading sovereign default looked more and more inevitable. It was halted by a bazooka-caliber currency swap Ponzi that allowed the European Central Bank to pretend it had a $700-billion bag of sugar-plums to hand out to more than 200 banks there. That gambit will only keep up the appearance of normality for a couple of months, until the late winter bond rollover provokes a new crisis stage.

http://kunstler.com/blog/2012/01/this-ripe-moment.html

[phantom power]

1. "What angels and demons will rush into that awful vacuum?"

Good question.