Nothing matters right now except Europe.

The technical and real failures in the stock market, better jobs numbers, quibbling about recovery sustainability — all sideshows. Default in Europe is not merely inevitable, but under way.

Sometimes default comes in one "swell foop," and other times progressively or displaced, as now: a bank run in Europe is gathering speed, anticipating ultimate default. Hence the 10-year Treasury note to 3.39 percent, mortgages at 4.875 percent.

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