The Death Of Need

... because the fiscal troubles in Europe are really much bigger than they seem. The underlying philosophy that has governed the Western world for the last 40 years, need trumps ability to pay, is in its death throes.Niall Ferguson recounts the EUs troubles for the 403rd time.Equally culpable are the banks of the core. German banks, for example, have close to €500 billion of exposure to the PIGS