Aug. 18 (Bloomberg) -- As we lurch from one high-stakes
political drama to another, it is natural to wonder why
societies aren’t better at avoiding self-inflicted crises. Here
in the U.S. earlier this month, the government barely dodged
default, even though economists reached consensus months ago on
when the debt limit would need to be raised.
Meanwhile in Europe, one inadequate government response
after another has all but assured that anxiety over the solvency
of Greece and the creditworthiness of Italy and Spain will
continue to fester, roiling global markets and pushing the
European Union to the brink of ruin.