Editor's Comment: Is there anyway out of this? How did we ever get into this in the first place? In excess of $27 TRILLION dollars at stake, and more than enough to pull the whole world back into economic crisis.

Yes, we are in this. It might be that this is a European thing, but that doesn't excuse the fact that everything has been tied together; what starts with the solvency and financial responsibility of the Greeks in a domestic crisis may well engulf the world. The derivatives are leveraged in a toppling domino series, that much is clear. As author Michael Snyder notes, the possibility of the euro falling below parity with the U.S. dollar would be enough to trigger massive derivatives losses. And that could be just the start of it… Greek tragedy in three acts.

Just as in 2008, the same euro countries are still vulnerable – just vulnerable for the insiders and bankers to make a killing on the up and down of what is first a Greek tragedy, then perhaps an Italian, Spanish or Portuguese. As Snyder notes, "Every one of them could rapidly become the next Greece."