Poor Spain, Poor US

So it's looking more and more likely that Spain's banking system is going to collapse, forcing it out of the euro. If that happens it could very trigger a worldwide financial meltdown quite reminiscent of what happened in Austria in 1931. Aside from the inherent horror of the prospect, what is also worrying is that the US political system is entirely incapable of acting to limit the financial contagion. An irresponsible minority party with a veto over policy, a press corps exclusively interested in catering to its own biases and flattering the prejudices of its paymasters, and swing voters who are woefully uninformed about what is going on in other countries and why they matter here - yeah, not a cheery prognosis.