[decimon]

The private borrowing went back to a loose money policy on the part of the individual governments or the ECB. Same with the wage increases.

[Army Air Corps]

Ping.

[Track9]

The same things that caused it here.. and for the same reasons.. extending the welfare state and buying votes. The potential difference in how we respond vs Europe will come from the fact we have a Constitution that compels us in the right direction. They do not have any such limitations on government so any solutions they pursue will invariably be Fascistic and isolationist. It there’s a bright side to a ten year perspective on Europe, it could be the end of tolerating mooslime immigration.

[broken_arrow1]

Here's my diagram:

SOCIALISM --------------->UNSUSTAINABLE DEBT

[Designer]

"..are they missing the point of the crisis?"

Uhh...Trick question, right?

Lessee...rampant socialism, political "correctness", draconian rules, fiat money, unstainable borrowing, fraud, abuse, and a willingness to blame "somebody else".

What these people need to do is impose more rules.

[Rippin]

let me get this right, the cost of sovereign debt in spain has spiked because of private sector debt??? Reallly??