The rapidly escalating Eurocalypse has reached a dangerous new stage. The markets are starting to panic about France. The panic is overstated; the concern is real. France by many measures is less worthy of an AAA credit rating than the US and slow growth threatens to undo France’s planned deficit cuts. The French equivalent of a balanced-budget amendment is now on the table.Market panic is now feeding on itself, and participants have lost all faith in governments. (Best indicator of that is the skyrocketing price of gold; to buy gold at $1800 an ounce is to say that you believe the end of the world is already here.)It’s a Ralph Waldo Emerson kind of day. Events are in the saddle and ride mankind.