The Euro

There is no easy exit from it:

Yes, we’re back to our old friend path dependence. As I noted the other day, the fact that you can avoid some sort of terrible fate by stopping something before it starts does not mean that you can later achieve the same salutary effects by ceasing whatever stupid thing you have done. It would have been painless just to not have the euro. But it will be painful indeed to get rid of it.

It won’t end well. And path dependence is why it’s going to be such a mess to unravel the disaster that is ObamaCare as well.