November 19, 2011

DER SPIEGEL: The Euro Zone’s Deadly Domino Effect. “The euro-zone debt crisis is spreading to more and more countries. And politicians are reacting more helplessly than ever. Europe’s leaders are underestimating the impact that a Greek exit from the common currency will have — and are failing to learn from their own and others’ mistakes. . . . The German statesman Otto von Bismarck once said that only fools learned from their own mistakes — he preferred to learn from the mistakes of others. At the moment, no politician or adviser in Europe has bothered to learn the lessons of the Argentine or Asian debt crises. Indeed, in Europe, they aren’t even learning from their own mistakes.”

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