But plenty can still go wrong, and even if it doesn't, the eurozone will have wasted an enormous amount of time on a relatively small piece of the puzzle.

BBC: France's private support for Greece a matter of degree

But he won't have much time, a lot of time has been wasted already.

BBC: Debt crisis overshadows Cyprus presidential election

Tobu, a major railway operator in the Tokyo area, doesn't need the funds until June, when existing bonds are due, but it wasted no time in issuing 10-year bonds because Japan's new economic policy, dubbed "Abenomics, " is likely to lead to higher interest rates later.

WSJ: Japan Corporate Bond Issuance Jumps to 3-Year High

The result horrified me -- almost all of the time spent acting rationally in response to a world which doesn't exist turned out to be wasted.

CNN: Why the best thing you can do is fail