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There has been much concern about financial contagion between Europe and America. But the real problem stems from another form of contagion: bad ideas move easily across borders, and misguided economic notions on both sides of the Atlantic have been reinforcing each other.

The growing crisis in the eurozone threatened to undermine the global economic recovery as markets plunged across the world on fears that European leaders may not be able to contain the debt contagion spreading from Greece.

Could euro devaluation increase the size of the U.S. deficit? Marshall Auerback explores the possibility, and what it means if deficit hysteria continues unchecked.

As Spain's credit rating is downgraded a day after Standard & Poor's cut its ratings on Greek and Portuguese debt, how far could the eurozone's debt contagion spread?

Will the Greek malaise spread to Portugal? Fears of a national bankruptcy are now also growing in Lisbon, even though the country is capable of getting its debt under control by itself. The problem is that markets no longer have faith in the Portuguese to fix their own affairs.