What lurks beneath stock market fears

Not far beneath the market's surface is deep concern a number of European and US banks have entered crazy investment plays. If that fear escalates, Australia would be more vulnerable to a potential second global banking crisis than we normally imagine.

Last night I found myself being driven to the airport by a Greek taxi driver. Greeks these days often talk about money and this particular driver had a father in Greece with a large sum in a Greek bank. He asked my advice. I don’t give investment advice but I could not resist explaining that given the clear possibility that Greece would leave the euro, the money might be safer in an Australian bank.

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