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Stop worrying about a debt ceiling default... a far more serious default could be coming here

Friday, July 29, 2011 From Pragmatic Capitalism: In one of the great modern day ironies, the Rome of yesteryear is burning, while everyone is keenly focused on the modern day Rome. The politicians in Washington DC appear to be doing everything they can to worry the markets. Of course, this political charade is nothing more than a failure in politics. But a potentially more dangerous (and real) default is brewing elsewhere. In the real Rome, yields are continuing to run higher. The latest band-aid from the EMU has clearly not taught the European bond vigilantes a lesson... Read full article... More on Italy: This is REALLY bad news for the euro This could be the "breaking point" for Italy and the euro Two of the most important euro countries are sliding into crisis