Not only will the EU disintegrate, the banks holding those IOUs from the country defaulting on them, depositors will find themselves suffering a loss, after they can't get their money out of the bank due to a government declared bank holiday. And IOUs from that bank will also affect the balance sheets of other banks, likely including the Fed. Either expect to see losses and bank failures, or expect to see governments printing money to bailout the banks, and increased inflation, perhaps over a single night.
- Pew poll: 61% of Republicans under age 30 support legalizing gay marriage Allahpundit 24 minutes ago
- Breaking: National lightbringer turns out not to be so centrist after all Ed Morrissey 1 hour ago
- CPAC: Evan Sayet Ed Morrissey 1 hour ago
- Mystery deepens: Missing Malaysian jet reportedly flew hundreds of miles in the wrong direction Allahpundit 1 hour ago
- The Ed Morrissey Show: Andrew Malcolm, Melissa Henson Ed Morrissey 1 hour ago
- Hawaii ponders: It might be time to start taxing insurers for not participating in our ObamaCare exchange Erika Johnsen 2 hours ago