Here's somebody to pay attention to.

And the Smart Money Says....

Now if it's Switzerland that sets down the initial capital controls, then everybody else in the EU will have to follow. No choice.

"Capital Controls" = A ban on money transfers in/out of country. Limits on the amount of cash that can be withdrawn from a bank or ATM.

Think what that immediately does to the business environment. For products like pharmaceuticals or petrochemicals being produced at different facilities located in different nations, imagine the headaches. Think about the effects on a corporation like EADS.

I watched the different Sunday Washington "talking heads' all pontificating over US political fights (like over Bain Capital), and it's more than clear to me that those folks are truly clueless over just how bad and on-the-edge economic issues are in Europe.

If there are nation-by-nation capital controls implemented all across the EU, then the entire EU marketplace start to crumble - and anybody who believes those negative economic effects won't reach US shores is just flat out nuts.

As an aside, now we know why all those US multinationals with all those cash hordes held outside of the US wanted so desperately to cut a deal to be allowed to move that money back into the US at a more favorable tax rate. There's going to be a whole lot of CFO's/corporate treasurers with large cash positions in the different EU countries who are going to be sweating blood.