Select any simile you choose; leaden skies before the storm, at the top of the roller coaster, running before the wind - they all mean it's just one-way now, with no going back, no pause. The alternative to the fracturing of the Eurozone is full political and economic union, and this simply isn't going to happen in the time available. Markets are moving rapidly to a show-down, and contrary to comments from the like of Peston and Chote, I think this catharsis will actually prove a boon for Britain.
However, we must insulate the functioning of the economy from the reckless liabilities racked up by the failed financial sector. The bank split into retail and buccaneer must happen not in 2017 but in 2012; interest rates, domestic lending and bank charges must be determined by the profits and losses on retail banking activity alone, and British bank customers must not pay the losses for the banks' mindless foreign avarice. Let the casino banks fall, and all their poison liabilities with them. They gave nothing to British taxpayers, and they should take nothing from them.
The European oligarchy, the noisome coupling of political class and big business, will be as reluctant as a cat with its claws in the sofa to relinquish its grip. They will do everything they can to twist, deceive, load more and more of the financial burden of the Big Lie on ordinary taxpayers. This must be resisted.
The Eurozone fracture will offer nothing but opportunities for British business; a core Eurozone of the wealthy will keep the MkII Euro exchange rates advantageous. A collapse of Euro banks will leave Euro firms starved of investment and ripe for takeover or replacement by UK firms with piles of hoarded cash. Frankfurt will crash and burn, leaving London as the global centre for insurance, FX and commodities. The stripping away of all those disguised Euro subsidies - everything from DERV fuel duties to CAP knock-on benefits to food processors - will make every British farm and transport company more competitive, will create a level playing field for British SMEs. Our labour market flexibility and advantageous future pension liabilities (made even more advantageous by a booming equities market) will put us ahead of Euro competitors. There is nothing inherently superior about German workers or German productivity; the German boom has been at the expense of Europe's periphery and due to the EU's distortion of European markets. Now is the time for Britain to compete on equal terms. We can do it.