Shovel Money To The Greeks

Paul Krugman reminds everyone that the way you solve the Greek banking crisis is by shoveling lots and lots of money at them - not through loans, but by direct transfers. In 1982, when the Texas economy cratered, the problem was solved by transferring $75 billion directly to the Texans - no loans, no bankers collecting interest - through national deposit insurance. The Europeans are a bunch of cheapskates and don't have a similar program, so unless Grexit happens, and the Greeks default on all their loans, they are condemned to an eternity of misery.