Krugman: spot on .. "The point is that the prospect of disaster, no matter how obvious, is no guarantee that nations will do what it takes to avoid that disaster. And this is especially true when pride and prejudice make leaders unwilling to see what should be obvious."
Yup, it is "something of a shock" to understand that two years^ of "fiscal austerity and “internal devaluation” (basically, wage cuts) would solve the problems of debtor nations." .. "no success stories" to boot ..
"So will Europe save itself? The stakes are very high, and Europe’s leaders are, by and large, neither evil nor stupid. But the same could be said, believe it or not, about Europe’s leaders in 1914. We can only hope that this time is different."
Yup, and the same can be said for the tribal leaders of Afghanistan, i reckon .. parliament, drinks and prosperity? .. or....