Julian Morris, RealClearMarkets
It has been remarked that bond yields have recently priced in a "Lehman type" event, yet no such event has occurred. But that is to misconstrue both what happened in 2008 and what is going on now. The reality is that the world faces a potential vortex in the coming months, and markets are beginning to price that in. While it is nearly impossible for Greece, Spain, Portugal and Italy to avoid their fate, policies in other countries could reduce the chances of this vortex materializing. We all know what happened in 2008. Lehman made some bad bets that caused it to become insolvent and...