One thing he's probably pretty right about is the fear about this among "many investors."

See George Soros for example, someone who knows his way around a currency crisis or two.

Just now when I was over at nytimes.com for another reason, I noted one headline: Wall Street Rebounds on Europe Hopes 4:07 PM ET. Seems to me Europe is all the markets have been worrying about for weeks, it is almost like the U.S. economy is an issue of very minor interest and of relatively minor importance. There really seems to be a lot of real fear over this, and any little bit of hope is pounced upon. I notice it too  in the general "Manhattan talk" I've been privy to: Europe, Europe, Europe, everyone's scared about Europe.

The rogue trader: Crazier than a psychopath
The BBC is shocked when a speculator tells the truth, but science explains the appetite for destruction

By Andrew Leonard, Salon, September 27, 2011

Shock, consternation, cries of rage and accusations of Yes Men hoaxery -- the uproar in response to statements made by "independent trader" Alessio Rastani to the BBC on Monday tended to miss one important fact: this is exactly how many traders behave and think.

Maybe it's a hoax, maybe not. But when the BBC anchor asked Rastani what European political leaders could do to assuage trader misgivings over the state of the European financial crisis, his words rang with honesty:....