I disagree with the China collapse conclusion. Big cities in China are running on all cylinders. There has been some manufacturing loss to SE Asia, but collapse might be a little of an extreme view. Yes there are some cities where nobody live, but speculators still bought the properties. China's goal is full employment for their population, in that area, they succeed magnificently. China has resistant significant pressure to free float the yuan/renminbi because it would be worth 3 times what it's worth overnight. They own our debt. If they dump our debt on the market, America and the dollar collapse just like the ruble of 1990.

Delta isn't reducing flights to China.

Europe, meh. The world knows the Euro will stop being a currency eventually. Then what? Greece prints Drachmas and gets to have fake nirvana all over again. Spain prints, Portugal prints their own and so on. Last I checked, visa and MasterCard were accepted in all of Europe. There's your euro. The EU violated their own terms with the simple act of giving bailouts. The good news is, the borders are more open than they were pre-EU. So trade is done in dollars. I got no problem with that. And the countries that used to be cheap to go visit pre-euro will be cheap again. Germany will always be the powerhouse in Europe. England was wise to not join in the tomfoolery. Even though I understand Deltas business decision, although on a personal level I don't like it, I tend to agree with you assertion that code shares will do the flying...although I'm not certain that equates to holding the bag.

So two observations about Europe, One, what does this do to our codeshare percentages and what's ALPAs response...and two, given the potential for meltdown in Europe, with Delta obviously positioning themselves to be on the sidelines, when is the timing right to short the market?