Of Course the ECB Has Never Been Wrong Before... Oh Wait

     On CNBC there are no shortage of these guys who are sure there is nothing to see here. They've been telling us the euro was irreversible for years and now they're telling us a Grexit won''t matter too much. 

    "Markets are sending a signal that investors believe the global economy is positioned to weather Greece's potential exit from the euro zone, Jason Trennert, chief investment strategist at Strategas Research, said Monday."

    "I would broadly put this in the 'Apocalypse Not' category. It's a tragedy for the Greek people. You have obviously 26 percent unemployment, but I don't think the [European Central Bank] would have made this decision—and it doesn't mean they're right—but I don't think they would have made this decision if they thought that the ramifications would be broader conflagration in Europe itself," he told CNBC's "Squawk Box."

   "European markets sank Monday as Greece imposed capital controls on the country's banks and after Prime Minister Alexis Tsipras called for a referendum on proposals put forward by the nation's creditors. The country is now expected to default on a 1.5 billion euro ($1.7 billion) payment to the International Monetary Fund due Tuesday."

    http://www.cnbc.com/id/102794840

    Sure, the ECB thinks its Apocalypse Not and they've never been wrong before have they? Yes, Greece is a small country with a relatively small economy but their leaving would lead the euro to soar and the very credibility of the euro going forward would be questioned. 

    All the conservatives continue to speak as if Greece is freeloading on Germany rather than the opposite. I can assure you the German exporters don't want Greece to leave. 

   The amount of wishful thinking and of lying to oneself you're seeing shows pretty clearly why after 5 years of this there is still no deal. That's the best case for Grexit: if after 5 years you're no closer than why not just call the whole thing off?