This is how the collapse begins

What happens to your government debt service capability when the cost to service the debt doubles in a month?  Does it converge on Infinity, or does it converge on zero?

Batten down the hatches folks, this is the beginning of the end of the Euro.  There will be a slow motion collapse across southern Europe, with the governments one by one pulling out of the Euro and devaluing.  Each of these will be a shock to a weakened European banking sector.  The Sector can survive one or two of these, but when the collapse comes, it will come fast, and big.

So big, it will hit us here in the United States.  Say hello to the "Double" in the "Double Dip" recession, and say goodbye to President Obama.  He's been living on the edge, and this will swamp any of his hopes for reelection.

Unfortunately, a lot of folks here are going to get screwed by the economy in the mean time. This is a Bad Moon Risin'.