It is a little like waiting at the dentist's. You know it can happen and you know you are going to have to face up to the fact it could be you. In the meantime you look around the room at the frowning faces and wonder who is next.
It is much the same with the defaults of central banks and their associated governments. They are all there in the great waiting room of the world financial markets. Almost all may be more confident and rightly so. Many will have worries but some may know it is going to happen to them and the politics make it certain.
Sovereign failures is the subject of this in a Bank Underground item which is not easy reading and a little longish for the taste of most blog readers. But if you want to know about the subject and be better informed than the TV experts etc. it might be worth the time and trouble.
Also, you might want to check out the foreign holiday bookings or indeed think twice about that apartment going in a big luxury block at a knockdown price in one of those faraway places that look so warm and welcome as the winter closes in.
Actually, I'm a bit short, and the bank is being awkward, could you lend me a tenner or two?