Duxnuts, it ain't "fear mongering" you had better hope that (a) The European central bank reaches agreement with Germany about the issuance of Eurobonds and (b) The American "Super Congress" Committee can make meaningful expenditure cuts in the American budget and (c) Obama gets his job creationplan through Congress.
(a) WIll protect Europe and the Euro.
Without(b) and (c) America goes into a vicious economic death spiral as attempts to cut budget deficits cost more jobs, which reduces Federal tax revenue, which makes it necessary for more budget cuts.
When that happens, America ends up defaulting on foreign debt and the international banking system implodes since no bank can safely lend to any other bank because they don't know their exposure to American debt.
When that happens, international trade becomes problematic because the lines of credit will be withdrawn - and that affects Airlines a lot because of their huge cash flows and international exposure. To put that another way, what happens to the ICAO clearing house in Montreal??????