Picks of the Week

“The tragedy of the Euromess is that the creation of the euro was supposed to be the finest moment in a grand and noble undertaking: the generations-long effort to bring peace, democracy and shared prosperity to a once and frequently war-torn continent. But the architects of the euro, caught up in their project’s sweep and romance, chose to ignore the mundane difficulties a shared currency would predictably encounter — to ignore warnings, which were issued right from the beginning, that Europe lacked the institutions needed to make a common currency workable. Instead, they engaged in magical thinking, acting as if the nobility of their mission transcended such concerns.

The result is a tragedy not only for Europe but also for the world, for which Europe is a crucial role model. The Europeans have shown us that peace and unity can be brought to a region with a history of violence, and in the process they have created perhaps the most decent societies in human history, combining democracy and human rights with a level of individual economic security that America comes nowhere close to matching. These achievements are now in the process of being tarnished, as the European dream turns into a nightmare for all too many people. How did that happen?”

– Paul Krugman

The picks of the week from around the web.

  • Paul Krugman: “Can Europe Be Saved? Great, provocative and lucid analysis of the recession in Europe and the problem of single currency. A must read.
  • Slavoj Žižek on WikiLeaks and the discrete charm of global hegemony. Need we say more? Go read.
  • Two from Hooded Utilitarian. James Romberger has recently been writing on the great cartoonists Alex Toth and his latest piece, a personal reminiscence of growing up reading his comics, is the best so far. Wonderful. Also, Sean Michael Robinson has just interviewed the great manga ambassador to the West, Frederick L. Schodt, who is always worth listening to.
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