There is other news . . .

Just about every financial press is writing that Greece is about ready to need restructuring of its debt.  Restructuring of course is the spin for default, because the word default is too scary even for the grown-ups of international finance.

In Canada the Conservative party won a majority in the parliament.  Voters continue to punish the formerly powerful Liberal party for bad government when they were in power.  Democrats take note.

Germany will now take an unlimited number of immigrants from Eastern Europe. 

Spain’s unemployment rate continues to be a major problem.  Spain is the only country left from the PIGS group (Portugal, Ireland, Greece and Spain) that does not yet need a bailout.  Policy to contract an economy results in contraction.

In the U.S. the Army Corp of Engineers blew up a levee to prevent flooding.  Gosh, anyone remember when they built levees to prevent flooding.