Yippee!!! Greece is saved! Greece is saved! Oh. Wait. Uhm, never mind.

The ludicrous Paul Krugman -- who was just extolling the wonders of the European Social Democrat Welfare State™ little more than two years ago -- hardest hit.

If it seems like it was only 5 days ago that Greek bonds could be had for the blockbuster yield of 638%, it is because it was As of today, the same bond was yielding an even more ridiculous 763% (and remember when the MSM fluffers were telling you to buy these at the bargain basement yield of 100% in September 2011?).

Greece should have been allowed to default two years ago, when it would have been much cheaper and less traumatic to the world banking system.

Instead, the masterminds running the Eurozone keep building floor upon floor of their increasingly complex house of cards. And when it all comes tumbling down, the damage will be felt globally -- for years to come.