Forget the S&P downgrade. Here's the real gathering storm.
"Europe may no longer be able to save itself. Too many countries have too much debt. Its economic growth -- which helps countries service their debts -- is too feeble. And nervous financial markets seem increasingly prone to dump the bonds of vulnerable countries. This is the real risk to the global and U.S. economic recoveries, far overshadowing Standard & Poor's downgrade of U.S. Treasury debt and Monday's sharp stock market decline."