Greek Fire, Part 42

Zero Hedge has you covered on some weighty reading on what will happen when Greece defaults...and the operative word there is when, not if.

With each passing day bringing us new predictions in the form of research reports, white papers, analyses, and plain old rants on what a Greek default would mean for the Eurozone, for the Euro, for markets, and the for world in general, it is clear that absolutely nobody knows what will happen. Alas, since this topic will be with us for a while until the can kicking finally fails, many more such prognostications will be forthcoming.

Today, we present three different pieces, one from Reuters, which gives a 30,000 foot perspective, one a slightly more technical from Citi, looking at a Greek default from a rates point of view, and lastly, a primer from Goldman's Huw Pill, looking at the aftermath of the current situation for the euro area, with or without a Greek bankruptcy. While we have no idea what will happen to global markets should Greece default, and it will, we are 100% certain that we will present many more such analyses in the future as more and more people piggyback on the Cassandra bandwagon.

Keep an eye on these analyses and how they measure up when the bottom finally rusts through. I've been waving red flags on Greece now for a year and a half now, and I'm more convinced than ever that this will wreck the Eurozone and be the center of the hurricane that will batter our already heavily damaged economy.

I'm hoping that in a second term President Obama will have more freedom to act.  What I fear is a GOP government in 2013 that will drop us into another lost decade with austerity and complete the destruction of the middle class.