The Real Lesson from Europe: Don't Cut the Deficit

We should be able to weather this.

Unless, of course, American voters fail to notice the lessons in Europeâ??s mess. What began as a manageable crisis in late 2009â??the realization that the least important member of the Eurozone had lied about its spendingâ??was allowed through hubris, timidity and ideological rigidity to turn into a global systemic risk.

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