this should please those who think i'm a right-winger. i basically believe that what's going to kill the world economy is sovereign debt: the basic idea that government services could be indefinitely expanded in distinction to the basic condition of the economy. it's just not sustainable. i see europe going extremely austere, and then there will be riots. we'll do it here by hook or crook too; we've got to. and i think that if the krugmanian left had had its way and doubled the stimulus, you'd have had a somewhat longer petering out of stimulatory effect, but ultimately a worse crash, even with say getting rid of the bush tax cuts. it does seem like the brink of panic right now. europe could go bad fast, i believe.