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Stephen Davies on ‘The European Tragedy’

For all the ink and bandwidth about the European fiscal crisis (crises, truly), it’s still hard to discern lessons for America:

People are closely watching the slow-motion train wreck that is the crisis of the eurozone—that is, the economic travails of Greece, Spain, Ireland, Portugal, and Italy (known collectively as the PIIGS). The problem with much of the discussion in the United States is that both of the main camps are right about some things but wrong about others because neither fully grasps the real nature and cause of the crisis in Europe…

Well worth reading in full.

Via The Freeman.

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