Eric wrote in to tell us:

"Global Crossing has a major outage in Dallas, TX which is causing more issues within their core.  500+ms latency and 10%+ dropped packets."

http://internethealthreport.com/  is showing issues with GC.  GC is aware of the issue and is working to resolve it. 

The Internet is not melting yet.

UPDATE:  This appears to have been resolved.

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Joel Esler
http://handlers.sans.org/jesler