"Kicking the can down the road', sadly, says almost everything that needs to be said about the EuroCrisis, and the way its been dealt with over the last few years.
Barry Ritholz takes it one step further though...
Yeah! The Greeks Voted!
For the Xn-th time, important events took place in Europe that either did or did not resolve an impending crisis that is either imminent or not.
This was absolutely and unequivocally crucial, unless it didn’t matter at all. Either of which was equally likely.
Indeed, this past week was absolutely critical, except that it wasn’t. The Greek elections determining their future relationship to the EuroZone was simply of the utmost importance, unless not. Yes, they didn’t matter; No it was quite important. Unless it was the other way around.
The ‘mother of all central bank interventions’ is going to save Europe, unless it doesn’t, in case its back to square one. Everything has changed, except nothing is different. Indeed, nothing has changed except for everything. Unless it wasn’t, in which case it was.
The fiscal responsibility issue, which is the single most important issue ever, except for the past half century, when it didn’t matter at all, has once again resolved permanently and completely by postponing it again.
Then no, not so much.
[...]
Most importantly, you must be on the look out for rumors or reports that may or may not be true and do or don’t matter. Or not.
I hope this clarifies the state of things . . .
Which is the perfect textual description of this David Einhorn chart
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