Europe's debt crisis as seen by 9-year old

Michael Cembalest, the Chief Investment Officer of J.P. Morgan, describes the European debt crisis in a funny but understandable way in the "Eye of the market" letter dated September 6th, 2011.

For the debt crisis in the European Monetary Union as seen by a 9-year old" see page 2 of the letter.

  

"If today’s diorama analysis borders on the absurd, so does maintaining the fiction that accumulation of massive public and private sector claims in Europe can somehow be engineered away."