Financial turmoil in Europe is no longer a problem of small, peripheral economies like Greece. What’s under way right now is a full-scale market run on the much larger economies of Spain and Italy. At this point countries in crisis account for about a third of the euro area’s G.D.P., so the common European currency itself is under existential threat.
And all indications are that European leaders are unwilling even to acknowledge the nature of that threat, let alone deal with it effectively.
No time to read the piece, but just had to comment on the headline: ‘Impeccable’ means sinless/flawless. So how can a disaster be flawless (or sinless)? It’s usually the flaws that lead to the disaster.
Impeccable commonly means something like “flawless” or “perfectly achieved”. So here it seems to be being used in the same way as “perfect” in the phrase “perfect storm”.
Doesn’t this guy argue elsewhere that the US should follow the European social democracy model?
I caught this article the other day. It is about a year old but throws some light on Mr. Krugman- http://www.americanthinker.com/…/paul_krugman_gives_up_1.html
In 2004, as I contemplated my “secure retirement,” my son warned of bad — very bad days ahead. I asked him if he weren’t just a bit negative. I was so elated at the thought of freedon, that I had foregotten that my pension manager warned about the worst of times back in 2001. Although we all wish for the best, some times it just cannot continue.
And some people wonder why American business is not hiring or investing now — they are watching and waiting. Blame whoever you want, but this catastrophe is more than 20 years in the making.
I am still working.