Take a break and enjoy this "clarification" on the state of the world's financial affairs. Thanks to Greg Mankiw and Tim Phillips.
On the continuation page is another, more serious, explainer of the European Debt Crisis from the New York Times. As you learn about the problem's symptoms (too much debt, too much spending, too little discipline, etc.), consider also whether the organizational strategy is right. Were all the "what if?" questions asked?
Does the European Union have all the necessary checks and balances? Its structure worked fine when every member's economy was growing, but did they think about what happens when things don't go so well. Does dealing with one member country's problems require every other member country to sacrifice? How will things turn out if all member countries reduce by a little their standard of living in order keep one country from reducing its standard of living by a lot?