The vote in Greece is running 60 percent “No” on the terms of its creditors. The same experts who had been predicting a close vote will now explain why it was a runaway in favor of … well, who knows. But count on the usual confident voices to sort it all out.

What is pretty clear is that what all the experts said could never happen – the EU is supposedly unbreakable – has now come to pass.  Partially, at least.  And the skeptics who warned that a political, fiat currency could not stand had it right.

One should not expect the bureaucrats, bankers, and Davos crowd to give up either easily or gracefully.  

They have too much at stake.