Moody's downgraded Italy's debt and Nasdaq jumped 2.5%. I am not going to say there is a cause-effect relationship here, because Nasdaq behaves in a hysterical, irrational way. I'am going to say that there is widespread destruction in Europe, that in its effect can be compared to a war.
Why is this good for America? Because its main competitor is Europe. The destruction of Europe's industrial basis will create a situation like after WWII, when America had no competition and the American industrial worker earned a good living wage.
The Japanese competition has disappeared a decade ago. The only challenger still standing is China. China will have to absorbe American exports or disappear like the Soviet Union and now the European Union.