It is without doubt that the HUBRIS of George Bush’s arrogant landing of a plane on an aircraft carrier and declaring “MISSION ACCOMPLISHED” has been the operative model for the political elite of Europe. The European DEBT crisis has been in full bloom for the last year and everything the immediate elements of the crisis have been dealt, the news release basically gives a tip of the hat to MISSION ACCOMPLISHED. European leaders have continued to proclaim victory over the markets only to be punished for their early exuberance. The true measure of the debt crisis is measured in BOND DIFFERENTIALS and of course the price of credit default swaps on sovereign debt. Contagion has spread to the PIIGS as speedy as most swine flu epidemics.