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It's really amazing to see how quickly the notion that contractionary fiscal policy is actually expansionary is spreading. As I noted yesterday, the Panglossian view has now become official doctrine at the ECB. So what does this view rest on? Partly on vague ideas about credibility and confidence; but largely on the supposed lessons of experience, of countries that saw economic expansion after major austerity programs. Yet if you look at these cases, every one turns out to involve key elements that make it useless as a precedent for our current situation.

Few doubt that US ratings agencies contributed greatly to the global financial crisis. Europe is now worried that the euro could also fall victim to credit downgrades -- and is exploring the possibility of creating its own ratings agency.

Arab nations finally won agreement from the US and the other nuclear powers to take the first step toward banning nuclear weapons from the Middle East. Now, the next move is Israel's.

I have just returned from Bhutan, the Himalayan kingdom of unmatched natural beauty, cultural richness, and inspiring self-reflection. From the kingdom's uniqueness now arises a set of economic and social questions that are of pressing interest for the entire world.

The debate on "global imbalances" has gone back to the future. The proposal from Tim Geithner, the US Treasury secretary, to target the current account takes us back to the preoccupations of John Maynard Keynes at the Bretton Woods conference of July 1944. Keynes, representing Britain, was obsessed with the dangers of asymmetric adjustment between surplus and deficit countries. The US, then the world's dominant surplus country, rebuffed calls for a mechanism that would impose pressure on both sides. Now the US is in the other camp.

At a Senate Budget Committee hearing in 2009, I asked Fed Chairman Ben Bernanke to tell the American people the names of the financial institutions that received an unprecedented backdoor bailout from the Federal Reserve, how much they received, and the exact terms of this assistance. He refused. A year and a half later, as a result of an amendment that I was able to include in the Wall Street reform bill, we have begun to lift the veil of secrecy at the Fed, and the American people now have this information.

Ireland's government has avoided immediate disaster by mustering just enough votes to pass its emergency budget. But now it must decide what to do next. Here, €6bn ($9.4bn) in new austerity measures are unlikely to be enough to put it back on the right path. Instead a more radical option should be seriously considered: leaving the euro.

Germany balked for weeks over a possible bailout for Athens. Now its delays are coming back to haunt it in the form of intense international criticism of Angela Merkel's crisis management.

The fear that began in Athens, raced through Europe, and finally shook the stock market in the United States is now affecting the broader global economy, from the ability of Asian corporations to raise money to the outlook for money-market funds where American savers park their cash.

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.

The Greeks are mainly responsible for their current predicament. But the German government has made the country's situation worse with its lectures and reluctance to provide assistance. Chancellor Angela Merkel is mainly to blame for the fact that German taxpayers now have to suffer.

As the financial crisis in the euro zone worsens and the heads of the IMF and the ECB come to Berlin to persuade Germany to help Greece now, local commentators are calling for speed and decisiveness. As they see it, political jockeying before the May 9 election in North Rhine-Westphalia is no reason for German politicians to endanger the whole euro zone.

Greece is only the beginning. The world's leading economies have long lived beyond their means, and the financial crisis caused government debt to swell dramatically. Now the bill is coming due, but not all countries will be able to pay it.

Trading derivatives on regulated exchanges would be a major step forward, but it may no longer be enough. Economic bubbles are not recognized by those inside of them, the Congress of the united States being no exception. The $604.6 trillion derivatives bubble, which is equal to more than ten times world GDP, is a global issue. If existing OTC derivatives remain in place and there are no restrictions on what banks can trade derivatives, there is no actual or immediate reduction of systemic risk. Thus, the risks that led to the financial crisis in 2008 are likely to remain present in the global financial system for years to come. In fact, many banks have more CDS risk now than in 2008. Passing a bank-approved version of the financial reform bill, while it may be portrayed as a political victory or serve to calm financial markets temporarily, is unlikely to prevent another global financial crisis.

First came the real estate crisis. Then the financial system melted down. And now, skyrocketing public debt is threatening entire countries. Star economist Nouriel Roubini tells SPIEGEL that more crises will come and go before world leaders agree on true reform. He says breaking up huge banks would be a good place to start.