The stage is set for what may be the biggest geopolitical poker game since the Treaty of Versailles in 1919. The Germans and French have dictated terms to the rest of the euro nations ahead of the decisive Dec. 9 leadership meeting. S&P have put both of them and 13 others on notice for downgrades. And the markets, no longer patient, are insisting that this be the real thing, along the lines of what I wrote in early autumn.
The shape of Europe for decades, possibly centuries, to come will be decided in the next few days. Along with, more immediately, the health of the U.S. and global economy and very possibly Barack Obama's re-election chances. Not that any of that is important....
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