As the crisis in the eurozone continues to spiral out of control, I’ve sometimes thought about what must be going through the heads of economic liberals in Greece, Spain, Portugal, etc. “We told you so!” comes to mind. After all, many have seen the sunset of crippling political policies enacted by previous fascist regimes and military dictatorships only to be followed by crippling far-left policies. It turns out that you can’t simply borrow yourself into prosperity. It turns out that reckless attempts to do so will eventually result in severe, very observable negative economic consequences. And now the chickens are coming home to roost.