It is not just the contagion effect on southern Europe of seeing queues at cash machines and people going bust.
Emotions have a contagion effect and your energy levels do as well.
As with the contagion effect from the collapse of Lehman Bros.
Fuller disclosure needs to be supported by measures to reduce the contagion effect of a failure by, for example, reducing uncollateralised interbank exposures among European banks.
This contagion effect must give Chinese leaders pause because it presages an era in which national stability is held hostage to the mistakes made by local leaders.
The result was that they did not generalize these skills nor maintain them after sessions and the contagion effect was much more impactful than the skills I taught them.
"It was really the shock of the financial panic in the week of Sept. 15 that ricocheted around the world nearly instantaneously that has made the worldwide contagion effect utterly dramatic, " Sachs says.
"Adverse news from Indonesia will really affect the image of the region as a whole and have a contagion effect on all the economies, " says Abdul Razak Abdullah Baginda, executive director of the Malaysian Strategic Research Center.
My forecast is a growing crisis in Europe, a contagion effect in the European banking system, a resulting credit freeze, spreading to the rest of the world, and basically a rerun of many of the things that happened in 2008.
The contagion effect is unavoidable.
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While a sovereign default in any one of these European countries would not have a lasting or consequential impact on the capital markets as a whole, the real risk here, in my opinion, is the contagion effect that could spread to other larger European economies should the default not be contained to any one or two of the smaller economies.
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Another effect that is heating up political conversations is the rule of behavioral contagion to the third degree.
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