Charade of the Debt Crisis

In complex fields such as finance and economics, a common blunder involves a mix-up between the destination and the journey. The confusion is showcased by the hoopla during the financial crisis of 2008 in tandem with the debt crisis in Europe.

Among the rash of muck-ups, one example was the batty policy of the politicos for propping up the market for sovereign bonds in Southern Europe. According to the rhetoric of the ringleaders, an official default by Greece or any other country in the vic...