It's really hard to argue with Paul Krugman's latest column, which argues that Europe is committing economic suicide.

You probably know what the argument is: The peripheral economies, especially Spain, are in complete ruins, and yet they're being asked to make things worse by undergoing austerity, as directed by Germany and the ECB.

Not only is the economy worsening, it's not even helping to achieve the objective of improving the debt situation. Yields are surging again, and as Greece showed us, austerity doesn't even improve debt dynamics.

So basically it's suicide, because the outcome of the current path is so obviously economic disaster and everyone knows it.