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Moody's Investors Service said on Monday the rapid escalation of the euro zone sovereign and banking crisis is threatening the credit standing of all European sovereigns.
"While Moody's central scenario remains that the euro area will be preserved without further widespread defaults, even this `positive' scenario carries very negative rating implications in the interim period," the agency said in a report.
Moody's also noted the political impetus to implement an effective resolution plan may only emerge after a series of shocks, which may lead to more countries losing access to market funding and requiring a support program.
"This would very likely cause those countries' ratings to be moved into speculative grade in view of the solvency tests that would likely be required and the burden-sharing that might be imposed if (as is likely) support were to be needed for a sustained period."
And therein lies the conspiracy theorists' worst nightmare. European bonds signifies one step closer to a New World Order. Given the tangential problems in the United States, what if "Western" bonds were created in a few years. Given the slowing growth in China, what if "World" bonds were created down the road? Eventually, we may have a world government that has supreme sovereignty and power over everyone.