Yesterday it was widely reported that Spanish banks held more delinquent loans than at any time since 1995. The world seemed to be waking to the realization that when you pour bad money after good money, you end up with no money.
Italian Prime Minister Mario Monti's decision to take a call from an Italian lawmaker during President Barack Obama's speech highlights the tentativeness of his claim to authority.
Italy may find Prime Minister Mario Monti's dose of discipline hard to swallow, but his depoliticized democracy is the only form of government that can move Italy forward. Monti's experiment may also serve as an antidote to the political dysfunction in the West – especially the US.