Eurozone On Fire, Krugman Rewrites History

New York Times columnist Paul Krugman is right about one thing, when he says: “now, with Italy falling off a cliff, it’s hard to see how the euro can survive at all”. But the rest of his analysis of the crisis in Europe, as well as the causes, is in the realm of pure fantasy. In his recent piece entitled “Legends of the Fail”, Krugman rejects the idea that “Europe’s woes reflect the failure of welfare states in general, and that Europe’s crisis makes the case for immediate fiscal austerity in the United States”.