For all the media frenzy, the complacency of economists, the trumpets announcing a new era, Europe does not want to understand the basic situation it is in. Finance cannot bail Europe out. Only a profound transformation of a regime it cannot sustain will rescue it. Will we need Italy to collapse or another major banking crisis to wake Brussels up?
The International Consumer Electronics Show ( CES ) in Las Vegas is like the white whale in Moby Dick: Every time you hear about it, it's getting bigger; you have to travel through oceans of information to grasp it, and if you don't pay close attention it will upend everything before you even know what happened.