It has been obvious enough for quite some time at the macro level that the planetary behemoths, whether they be sovereign governments or multinational corporations, are heading for a major fall. As has been said many times on this site, debts that can't be paid back will not be. I have not heard anyboby here advocating purchasing or holding sovereign bonds let alone jumping into the stock market for a very long time.
The underlying infrastructure in Europe may leave it a lot closer to the exits though than we are here in the USA. Much maligned unions have managed to keep industrial production within European boarders to some extent, particularly in Germany. I am in agreement with Paul Craig Roberts premise that the most destructive force in the American economy has been the offshoring of jobs, which from the perspective of modern industrial prodcution was a necessity because we still seem to serve the god of "efficiency".
The much maligned and subsidized French farms may be their saving grace. We in the US pay less for our food and the most for our healthcare than any other nation on earth. I don't think that that relationship is accidental, but causations of this type are nearly always missed in fragmented and economically focused analysis. Large scale industrial systems are at the foundation of the colapse, whether you are talking about sovereign debt or the stock price of Peugot.
Economies of scale, which should rightly be called economies of destruction, have first been subsidized by cheap energy and healthy ecosystems, then by a complex of governmental policies and subsidies, and finally by plummeting wages are finally wrecking the global economy. Loss of purchasing power in a society as a whole will always collapse an economy. All the central banking shenanigans will never solve this problem nor will any other monetary policy.
Systems that work that work in cooperation and in concert with natural systems are by their very nature more efficient than their industrial counterparts. Cultures that have had the sense to protect their hertitage from the temporary and apparent efficiencies of industrial systems that are now evaporating because there is no longer anyplace to externalize their true costs are closer to safe exits. Cultures that went for short term profits and gains will be spending a lot more time picking through their economic wreckage trying to build a sustainable economies.