Very short post as I am about to get on a plane to fly back from London to New York (and Virgin Atlantic does not yet have wifi on its flights).  Reading the papers in London and talking to people it is clear that the European debt crisis is very much on everyone’s mind while we at home seem to be enthralled with either the latest startup valuations, or Rush Limbaugh and maybe the Republican Primary. Here the discussions are about Greece and Spain and the fact that the European Central Bank (ECB) has expanded its balance sheet by several trillion dollars.  There is a distinct sense that something will give but nobody knows exactly what it will be. All in all it feels like the time before a big storm (could of course just have been the cold and damp weather!).