The Greatest Political Blunder in History?
Dwindling Chance of Greek Default
By Jeff D. Opdyke, Editor of Profit Seeker
On Monday, fears of Greek default sent stock markets around the world tumbling. Investors lost a cumulative $1.5 trillion.
"I would recommend this to everybody"
A coworker sent me an instant message just after the markets closed on Monday with the Dow down more than 300 points. "I'm a little confused," she wrote. "I get why the various markets sold off today, but why did the dollar get hammered? I thought with the overwhelming fear of Greece defaulting, everyone would be scrambling out of the euro and into the dollar."
Shrinking Threat of Grexit
Investors, economists, the media, et al. don't seem to look at the bigger picture. They react to every burp and hiccup as though it happens in a vacuum absent any other inputs or impacts. They all freaked out when Greek Prime Minister Alexis Tsipras shocked creditors by announcing he would ask Greek voters to participate in a referendum this weekend to determine whether the country should or should not agree to creditor demands.
Opportunity in the Chaos
Tsipras' call for a referendum was an amateur move and a sign of political weakness — an indication that Tsipras is incapable of making the right decision for Greece because he's being pulled in opposing directions and doesn't know what to do.
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