Eastern Europe is the New Subprime

Another day, another new high for VIX. Our Dow Death Clock is still ticking. The pundits are all over, trying to explain this morning’s mess. WSJ.com reported, “The Dow Jones Industrials traded down roughly 300 points. A wave of profit warnings and weak economic data sent stocks plunging in Asia and Europe. Oil prices sank.” Let me give you my take on this. It’s not the economy or any single number. The problem is emerging from EUROPE and it’s HUGE. This is how I put it to one of my Swiss ba