Iceland, Greece and Ireland are on the canvass hoping to survive the count. Spain, Italy and a raft of other countries are looking at their currencies with increasing worry as a continent considers a worst case scenario of bankruptcy.
At its extreme, what would this look like? Just check out the basket case that Zimbabwe has devolved into for a hint of what real pain looks like.
Of course worst case scenarios rarely occur. Intervention and a dose of extreme crisis management will usually stem the worst of the blood letting. It does cause pause for thought however, much like the wake up call of a mini earth tremor that precedes a full on earthquake. California has lived with this potential catastrophe for an eon. The default survival mechanism is to just hope 'well as long as it's not in my lifetime"
There is little doubt that there are going to be some serious shifts in the economic balance of power. This will by extension lead to winners and losers. if you tune into the buzz on social networks or read between the lines of the business bylines in the popular media you will see that many are already starting to take actions to insure and perhaps profit from this potential doomsday scenario.
To be continued......