Right Place to Crash the Plane; Time Running Out for Europe; Nanny State or a Breakup?

http://globaleconomicanalysis.blogspot.com/2011/07/right-place-to-crash-plane-time-running.html

Europe is close to losing a generation of youth in Spain, Ireland, Portugal and Italy, with between 20 and 45 per cent youth unemployment. To avoid losing this generation, European politicians and the ECB need to come up with a radically new game plan.
First, we need to stop pretending we can dance around the word “default” Let me help: if your income is less than your expenses and you can’t borrow money, you are done, finito, insolvent and in default.
That is another lesson from Greece; the longer you avoid facing the truth, the more you solve debt with debt, the deeper the hole you are digging as your new beginning necessitates a larger and large initial trauma.