Remember Henry Kissinger's domino theory? The former US secretary of state feared that the neighbors of a state that was under the control of the Soviet Union would also fall into Moscow's sphere of influence. Today, the theory that used to be applied to communism can be seen on the bond markets of Europe. The sovereign bonds of more and more euro-zone countries are coming under attack. Soon, one country after another might topple.
The reason for this desperate situation is the catastrophic crisis management in Europe. The German statesman Otto von Bismarck once said that only fools learned from their own mistakes -- he preferred to learn from the mistakes of others. At the moment, no politician or adviser in Europe has bothered to learn the lessons of the Argentine or Asian debt crises. Indeed, in Europe, they aren't even learning from their own mistakes.