What if bond buyers suddenly recalled how they got mugged the last time?

Would Greece be better off rejecting the financial rescue plan?

The Fed was the world’s biggest customer for US debt -- in some months buying two times as much debt as the US government issued. Now that the Fed’s buying program is coming to an end, shouldn’t bonds go down?

This week, the Greeks are scheduled to vote on a 5-year austerity plan.

Houses in Dublin are selling for about half what they fetched a few years ago.

All this recovery talk has masked the real, underlying trend. That we're correcting 60 years worth of credit expansion.

So far, this 21st century has been a delightful flop. A washout. At least, for Americans. At least, from an economic point of view.

Everyone seems to be waiting to see what happens when QE2 comes to an end. If stocks and bonds go down, the federales are sure to come into the market one way or another too.

And even though the peak of credit in the US wasn't hit until 2007, it's possible that the actual correction began in 2000.