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http://streetlightblog.blogspot.com/2011/09/what-really-caused-eurozone-crisis-part.html

The contention is that Greece and Portugal weren't causes of the economic crisis, but victims. And some of the conditions that led to their massive debt were beneficial to the Eurozone core states and in fact encouraged by same. So stop blaming the victim, & bail out your business partner who has made you wealthy.
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http://krugman.blogs.nytimes.com/2011/09/26/lucas-in-context-wonkish/

Interesting take on the history of macroeconomics. It's short, references some arcana without being arcane itself.

In fact, it looks a lot like what Keynes described, and old-Keynesian models work very well, thank you, both at explaining it and in making predictions about such things as interest rates and the effects of fiscal austerity. But the descendants of the Lucas project know that Keynes was wrong — it’s what their teachers and their teachers’ teachers have been saying all these years. They cannot accept anything resembling a Keynesian explanation without devaluing everything they’ve done with their intellectual lives.

So it must be Obama’s fault!

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