SPAIN, on the brink, could derail the US economy?

What we are witnessing this spring in Europe is a showdown among the surgeons in the operating room. The chiefs of surgery are certain that vigorously applied austerity is the fastest route to a cure. On the other side of the operating table are those—admittedly few—who are arguing that austerity alone will achieve the opposite of the desired outcome: It will kill the patient.

What’s at stake is the health of the global economy -- the United States is especially vulnerable as it slowly climbs out of recession.

Keep reading.