Try as He Might, Mario Draghi Cannot Save the Euro

Of all the pyramid schemes that governments and banks have perpetrated in the last decade, the Eurozone debt crisis is the most damaging. No amount of posturing by European Central Bank President Mario Draghi can change that fact. The market may like what Draghi has to say about the fate of the euro, but tomorrow's big ECB meeting will change little. The massive amount of money Draghi will need to print is far too great for the German taxpayer or the ECB's balance sheet. Eventually, the Eurozone will break up and drag the global economy right down with it. In the long run, that will mark the beginning of the recovery, but in the short run it will precipitate a banking and economic crisis that will make 2008 look like child's play. As investors, we had better be prepared.