We are here, staring into the abyss. The greatest monetary experiment of the modern world - the euro, encapsulating the largest middle class market of consumers ever assembled is about to face its greatest test to date.

To say anxieties are high is an understatement. Normally the broad markets will weigh up downside risk as the markets formulate and assimilate varying views on matters of importance, but not so in this case

The markets are decidedly sanguine, as if an "invisible hand" is propping them up, guiding them, nudging them, buying any dips in stock and bond markets and maintaining calm.

The VIX measure of U.S. stock volatility, is languishing at 15 - not even whimpering. Gold, that other key barometer of risk, has only seen slight gains and languishes at $1,200 per ounce.

It is as if the fire alarms have been turned off despite the fire beginning to rage.