It's painful enough to see unnecessary, counterproductive austerity measures here in the US. But at least we've got our own currency and the Federal Reserve to keep us relatively stable (nevermind that we don't have a real debt crisis). Nations such as Greece, Spain and Italy have no such luxury. As Krugman says, it's a contagion that will only spread as the ECB sits on it's hands, listening to a bunch of politicians who don't know their elbow from their asshole when it comes to economics. And Blejer makes an excellent case for Greece to default, too bad no one is listening. Their position is unsustainable.
____________________________Saying smaller engines are better is like saying you don't want huge muscles because you wouldn't fit through the door. So what? You can bench 500. Fuck doors. - MadCat360