What's going on in Europe is scaring the living daylights out of me. The Germans cannot sell German government bonds to the bond market. They only sold about 40 percent of their sovereign bonds last week.

This is the strongest country in Europe, and they can't sell their euro bonds? That is proof positive that investors have zero confidence in the euro. They have confidence in Germany, but not the euro. If Germany sells euro bonds and the euro market breaks up. German euro bonds will convert to Deutsche Mark bonds and no one knows how they will be priced. Italy is a story unto itself; it has gone so far down the wrong path that, in an auction on Friday, it had to pay investors 6.5 percent on six-month bonds. 

This is all so painful to watch, mostly because it is a true indictment of the final breakup of the eurozone, but when it breaks up what are the implications for Europe, world trade and the good ol' USA? All we know is that the short-term impact of a breakup will not be good.