An article in the BBC business news looks at the origins of the debt crisis and the role different countries played. Spain has been on the brink lately. And yet, the Spanish government played by the deficit rules and has a lower debt-to-GDP ratio than Germany. What gives? http://www.bbc.co.uk/news/business-16290598 Some thoughts arise from reading the analysis, based on only on Europe's experience but that in U.S. as well: 1) Should governments raise interest rates and/or quantitatively tighten currency in order to deflate speculative bubbles in the private sector? 2) Is there some kind of self-regulating mechanism (certain kinds of taxes, for example) that would "punish" speculation and "irrational exuberance"?