Very insightful column, although I have a beef with one thing: the EU definition of austerity. Cutting gov't spend and raising taxes is economic suicide. Lowering taxes is the only way to stimulate what the EU, and the US as well, desperately need: growth. Friedman also dances around the 800-pound gorilla, namely the reality that at some point, millions of unemployed Southern Europeans will figure out that the EU itself is one of the greatest scams ever perpetrated on an unsuspecting, but until now, eager populace who thought a "free lunch" was just that. It isn't, and the catastrophe of going back to national currencies pales in comparison to maintaining a common currency that virtually guarantees endless recession.