Telling chart from ZeroHedge.
Picture this: hoards of idle youth roaming the streets of Europe as buds begin to bloom. And there may be more layoffs coming if overnight credit freezes even as the snow melts. Don't think it can happen?
Then read this. European banks will have to hunker down as their collateral loses value, thanks to the European Central Bank's determination to subordinate all distressed sovereign debt held by private-sector lenders. Rates will rise, countries will default, and credit-dependent employers will run out of cash. It will be oog-ly.