BRACE YOURSELF FOR THE SECOND WAVE -- the wave of sovereign defaults that typically occurs a few years after a financial meltdown. The first sign of what's headed our way may have arrived last week, when pressure on the Greek debt markets was intense enough for the European Union to publicly promise to support the profligate spender. Concern about Dubai's ability to pay its debts re-emerged as well, despite earlier financial support from Abu Dhabi that calmed the market for a short time. Worries about the ability of Spain, Portugal, Ireland and Italy to fund their deficits are also dogging...