From afar, it would be easy to underestimate how thoroughly depositors in Spain and Italy understand that they are inside the magic circle of "core Europe" and have nothing to fear from the Cyprus precedent, in which insured bank depositors might be asked partly to pay for their own bailout.

WSJ: Jenkins: Yes, Let's 'Bail In' Depositors

"They have made their own government decisions - having nothing to do with the sanctions - that have had an impact on the economic conditions inside of the country, " she said.

BBC: Iran police clash with protesters over currency crisis

Instead, we have Halloween house parties where you just sit inside with a bunch of people you already know doing nothing worthwhile.

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Not for nothing have political insiders taken to calling the GOP path to an Electoral College majority the equivalent of drawing to an inside straight.

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