In the absence of any meaningful economic data or market changes, Europe holds the stage. If this were burlesque -- and of course it is -- the audience would be yelling, "The hook! The hook!" The impresario with the shepherd's crook would long since have yanked Europe by the neck off-stage and dumped it in the alley. Why, oh why, is this dragging on, the euro such an obvious and total failure? Three reasons. First, somebody who has kicked a can for years cannot be convinced that one day he will meet his wall. Second, this elaborate denial is a European specialty, with less fatal consequences today than 1900-1914 and 1933-1939, but the same show. Third: culture (not that No. 1 and No. 2 are not). A lot of people from academia to commerce today are trying to understa...