Summers are for distractions. Beaches and books, family trips to national parks, blockbuster movies. Legislatures recess and presidents go to ranches or seaside villages. The news is slow. Political eye-ripping waits lazily until after Labor Day.
It has been obvious for some time that the creation of the euro was a terrible mistake. Europe never had the preconditions for a successful single currency – above all, the kind of fiscal and banking union that, for example, ensures that when a housing bubble in Florida bursts, Washington automatically protects seniors against any threat to their medical care or their bank deposits.