I see it like one of those WWII air battle movies. The plane is hit and it is pouring smoke. Still we have this hope that it can limp back to the home base. But then it starts to lose altitude. It dips in and starts to spiral down, slowly at first then faster and tighter. Then she augers in--in a spectacular fireball. The Eurozone was hit and has been trailing smoke for a while. The spiral started with Greece. And it got tighter at the end of last week when the talks to write down the Greek debt fell apart. Greece will drop out and the focus will shift to Portugal next. And the spiral gets tighter. Then Standard and Poors downgraded France and Austria--but not Germany and the Dutch. So Germany is the only big Eurozone country left with a AAA rating. And the wedge is driven deeper between France and Germany because the relationship is becoming very unbalanced. Nothing new here, but I think the downgrade is the tipping point. The pilot could have all the skill in the world, but parts are flying off and she's auguring in. With a spectacular explosion.