[quote=Arraya]Ok, what if it is NEVER a good time to cut spending.

” I picked the wrong day to quit sniffing glue”[/quote]

Arraya: And here you see the problem with those that stake their futures on theory and not the reality staring them in the face right now.

The Das article did a good job of debunking the magical thinking that is passing for economic theory right now. “Yup, we’ll raise taxes to match spending”. Uh, but what if, like in the case of Greece, that isn’t an option? Crickets.

This is going to get Godawful ugly and all the pablum, nostrums and anodyne solutions aren’t going to help one iota. The time for jawing about this is long over, and you can bet the Europeans know full well what they’re confronting, its going to come down to whether or not they have the political will to deal with it. Same goes for us.