That giant sucking sound you hear is money -- lots of it -- fleeing global stock markets for the safe havens of the U.S., German, and U.K. sovereign bond markets. It's fear talking -- fear of intensifying crisis in the eurozone.
The capital markets have begun to believe the deficit and debt problems in Ireland and Greece may overwhelm political efforts to balance national budgets.
European Central Bank President Jean-Claude Trichet issued a warning to EU member nations Monday, telling them that there will be penalties for countries that fail to follow the financial guidelines defined by the EU. Those penalties could include the loss of voting rights.