It was only with the crisis that debt soared.
Yet many Europeans in key positions - especially politicians and officials in Germany, but also the leadership of the European Central Bank and opinion leaders throughout the world of finance and banking - are deeply committed to the Big Delusion, and no amount of contrary evidence will shake them. As a result, the problem of dealing with the crisis is often couched in moral terms: nations are in trouble because they have sinned, and they must redeem themselves through suffering.
And that's a very bad way to approach the actual problems Europe faces.

Autore: Paul Krugman