Krugman dal NYT commenta Soros.

June 4, 2012, 8:11 AM Soros on the Euro His speech is getting a lot of attention, and rightly so. It’s not so different from what many of us have been saying, but given the source — and, to be fair, the historical breadth of his perspective — I can see why it’s getting people to pay attention in a way they hadn’t before. His point about the euro bubble is particularly well taken. I’d put it this way: it so happened that the euro came into existence at a time when the German economy was in the doldrums. Then the euro made investors believe that southern Europe was safe, causing a huge fall in interest rates there. This in turn led to vast inflows of capital; the flip side of these inflows was large trade deficits, and large counterpart German surpluses, which was just what the Germans needed. Everyone was happy! For a few years. And then the bubble burst, leading to the crisis today. Needless to say, this story bears little resemblance to the morality play of profligacy and its consequences that has dominated European discussion until just about now. If there were any villains, they were the architects of the euro, who waved away warnings about the system’s flaws. But never mind the villains: the question is what to do now. And time is running out fast.