The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( Bullion Bulls Canada) -- In a recent four-part series, I described the "economic rape" of Europe, via the fraudulent manipulation of its debt markets by Wall Street's economic terrorists. To date, the primary weapon-of-choice has been credit default swaps.

What is critically important as we watch the debt markets of Europe destroyed one by one is that this method of destroying these nations' debt markets must currently be conducted individually, since they each have their own separate debt market.

Apparently the Wall Street terrorists consider this to be too much work, as a few months ago they came up with a "better idea": the euro bond.

The principle is very simple. If European nations merge their debt markets in this manner, then what Wall Street has done first to Greece, and then to Ireland, Portugal, Spain, Italy, and now France will be done to all Euro nations simultaneously -- including Germany. For those who still don't understand this process, the mechanics are equally simple.

Through fraudulently manipulating the prices of credit default swaps -- "pretend insurance" which is fraudulent even on its surface -- the Wall Street terrorists can manipulate a nation's interest rates up or down to whatever number they choose.

The wealthiest nation on Earth could have a "national debt"of $1. However at an interest rate of "infinity," that nation would be instantly bankrupted. At one time, critics of my position might have been able to argue that this was hyperbole and/or hypothetical. They can do so no longer -- not when the proverbial "smoking gun" is staring us in the face.

Back at the very beginning of the made-in-Wall-Street "euro-debt crisis," I wrote a commentary detailing how the economic fundamentals of the U.S. were much worse than those of Greece. Since that time, Greek interest rates have been pushed-up to roughly 50 times the level of U.S. interest rates, despite the more rampant insolvency of the U.S. economy.

With Greece's interest rates having been pushed above 100% by these terrorists, it is not mathematically possible for any economic policy to restore solvency to Greece. To illustrate that point to people on this side of the Atlantic, we need only look at what would happen if the more-insolvent U.S. had the same interest rates as Greece.

Interest payments on the U.S. national debt would bemore than four times total government revenue. What would that mean in practical terms? Even if the U.S. government eliminated 100% of every single government program and department (including the entire U.S. military), tax revenues would have to be quadrupled just to pay the annual interest on the debt, with the debt itself never being repaid.

That is what the Wall Street psychopaths have done to Greece, and it obviously cannot be described as anything other than "economic terrorism" and debt-slavery. And they are in the process of doing this to every other nation in Europe.

Finally one of these governments has taken a tentative step in "calling out" the U.S. on this economic terrorism. Today the government of Hungary called the latest "downgrade" of its national debt by Moody's a "financial attack". The evidence is overwhelming.

Hungary's government debt has been downgraded to "junk status" by Moody's, while the hopelessly insolvent U.S. economy still maintains its own totally fraudulent "AAA" credit rating" (at least in the eyes of most of the financial world). Put aside current interest rates, and there is no nation in Europe whose economy is nearly as insolvent as that of the U.S.

Yet even after another sham-effort by the U.S. to rein in its out-of-control deficits was a complete failure, the credit rating of the U.S. remains intact while European interest rates get driven to more and more usurious levels despite major initiatives to control their own spending.

With official, national interest rates for most of the world's major economies now having absolutely no connection to economic fundamentals, the only possible word which can describe such a reality is "fraudulent." And now the Wall Street terrorists are attempting to coerce these governments into choosing permanent debt-slavery: the Euro Bond .

The transparency of this economic terrorism is beyond "obvious". German Chancellor Angela Merkel is essentially the last major European hold-out URL: in resisting this debt-slavery, because Germany has the most to lose.

So what do we immediately see? An "attack" on Germany's debt market. The message couldn't be clearer: "resist us, and you will be the next Greece".

The tactics of the U.S. propaganda machine in trying to make the euro bond sound like a palatable option are laughable. The propagandists presented "three proposals" ranging from full, binding debt-slavery to a "euro bond lite." This last proposal, the real "hook" of the propagandists, is intended to look appealing to euro governments compared to other draconian options.

However, once a "euro bond" is created in any form, Europe's fate is sealed. Recall the evolution of this "debt crisis." Each of the so-called bailouts has been presented as a final solution. And each time, before the ink had even dried on the latest deal, the Wall Street terrorists were already at work driving interest rates higher -- to whatever nominal level was needed to again render their targets hopelessly insolvent, and thus needing a new bailout.

It would be exactly the same should Europe's governments acquiesce to a "euro bond lite" in which each nation would not be "jointly liable" for the debts of the others. The Wall Street terrorists would immediately push up interest rates on the euro bond with their fraudulent credit default swaps, and then they would tell these slave governments that the only way to "save themselves" (i.e. the next "final solution") would be for these governments to agree to full, euro bond debt-slavery.

With apologies to all of the more rabid "Lord of the Rings" enthusiasts, let me paraphrase a piece of famous verse from that classic novel: "One Bond to rule them all, One Bond to find them, one Bond to bring them all and in the darkness bind them In the Land of Wall Street where the Shadows lie.

Back at the end of July, I predicted with absolute certainty that the euro Bond was both the pinnacle of this campaign to impose total debt slavery on Europe and the clear next step in this economic terrorism. That obvious prediction has now come to fruition. With only the weak-willed Angela Merkel playing the role of "Frodo" against the "Dark Lords" of Wall Street, the situation could hardly be more dire -- or hopeless.

At the same time, "escape" from this debt-slavery is equally obvious. European governments must simply renounce the entire credit default swap market, and rule all these fraudulent contracts "null and void." The precedent has already been set here, with China's government previously and unilaterally ruling many of the fraudulent derivatives contracts targeting its own economy to be null and void.

As vile as it is to watch the terrorists of Wall Street inflict this "economic rape" on all of the peoples of Europe, even more reprehensible has been how these governments have submitted to this economic terrorism. There has not been such a shameful example of "appeasement" to tyrants since Neville Chamberlain rolled over for Hitler immediately prior to World War II.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.