WALTER RUSSELL MEAD: “Europe once again has blundered its way into a major crisis. A pair of them, actually.”

UPDATE: Like Mead, above, a hedge-fund reader emails to warn against Euro schadenfreude: “The spreading sovereign debt crisis in Europe is driving the dollar higher, which has the same effect as an interest rate hike on US businesses that sell overseas. That’s right, with the US economy still on the mat, financial conditions are actually tightening, thanks to the Attic antics in Euroland.”