When Athens Comes to Main Street, USA
"This Greek issue shows you how all the financial markets are interrelated. And, unless Americans can accept this as a short term solution in Greece, the markets are going to remain a bit jittery for a while," said economics professor Jerome McElroy. When Greece's problems became Europe's problems, the whole mess became the problem of Wall Street and the US investor.
It is no longer possible to insulate US stock markets from globalization and its implications. Noting that everything is interconnected, prominent financial manager Robert Kelly commented: "This planet is way too small to have multiple accounting systems. We need better international standards with capital liquidity."
While the Greek situation seems damped down, the continuing vulnerability of the other PIGS (Portugal, Ireland, Greece, and Spain) nations will test any established go-to safety net and could send decidely negative signals to the market.
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