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The Euro Crisis Explained in Legos

CNBC_lego_chart_jpmorgan_520.jpg
Source: JPMorgan Chase

Felix Salmon points out that JPMorgan Chase analyst Michael Cembalest sent out a research note todayexplaining the crisis in Europe with Legos.

Here's the key to this awesome graphic:

The toreador in a floppy hat, and the F1 driver with his helmet, represent Spain, Italy, and the rest of the Euro Periphery.

The three men with helmets, shields, and medieval weaponry represent the CDU, CSU, and FDP parties in Germany.

The blue-and-white sailor boy is Finland. Obvs.

The woman with an oversized carrot and her friend in overalls with a shovel represent the Social Democrats and Greens.

Wotan represents the Bundesbank.

The piggy bank is the IMF.

The grey-haired Banque chap is the ECB.

The chap in the red bib is Poland.

The artists are France.

The angry chef, the sweeper with a broom, the airline pilot, and the rest of the motley crew at bottom left, represent EU taxpayers in core countries.

The storm troopers are the EU Commission and Euro Group Finance Ministers, chaired by José Manuel Barroso and Jean-Claude Juncker.

The monocled banker and his assistant are EU bondholders and shareholders.

So has Cembalest lost his mind?

"If today’s diorama analysis borders on the absurd, so does maintaining the fiction that accumulation of massive public and private sector claims in Europe can somehow be engineered away," he writes in the note.

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