Greece is finally coming off the radar, but not because it has solved any of its financial problems; rather the spotlight is shifting to Italy, whom many suspect of being a far greater potential catastrophe due to its larger economy, population, and above all, more masterful ability to hide the truth.

Two weeks ago, I instructed my financial adviser to sell all our equities and move everything to the safer harbor of cash and bonds. She was miffed, and sent me an email suggesting that since I obviously didn’t have confidence in her abilities, I should consider switching brokers.

Almost immediately, the price of all the equities I had sold began to move upwards as markets rallied. A week later, of course, they’ve all tumbled again as Italy moves to the forefront of attention and there’s talk of a seriously devalued Euro and global recession.

I’m pretty stunned at my broker’s reaction. These people are so brainwashed by the hierarchies in their firms, chanting the mantra: “Ride it out, it’s the long term that counts”, that they ignore every market signal when it’s time to get out.