WALTER RUSSELL MEAD: The Culture War Over Europe’s Money. “The European crisis repeats the same pattern endlessly. Bad news sinks markets, ultimately accelerating into a panicky wave of liquidation. European leaders convene, deliberate and emerge with what they say is a ‘fix.’ Markets leap in joy, until investors gradually read the small print and discover that the fix is a fudge and the core problems remain. Then the bad news starts up again and the markets sink. Repeat. Endlessly. That seems to be Europe’s core strategy for coping with the greatest challenge since World War II. This week we see the cycle at work again.”
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