This is the Cato Daily Podcast for Thursday, June 7, 2012. I'm Caleb Brown. The Eurozone

slide is a big game of musical chairs.

The party is over and everyone is trying to avoid being left without a place to sit.

So says Cato Institute Senior Fellow, Jeff Myron.

My view is that the fundamental problem is there was a lot of borrowing and spending

on stuff that wasn't investment.

There was basically big parties.

There was expenditure that wasn't going to be useful

in terms of helping economies grow.

And it's gone.

Somebody's got to pay for it.

So the question is, really, at the end of the day who bears the brunt of all that spending and all that debt?

Is it the German taxpayers because Germany bales out Greece or is it the creditors of the major banks because the creditors

are forced to take big haircuts?

Is it the ECB which has bought a lot of debt from Greece, Italy, Spain and so on?

But somebody's got to take a hit.

And the reason it's taking so long

and nobody wants to come to resolution

is nobody wants to be the guy that takes the hit

who ends up without a chair when the music stops.

You say that Europeans are poorer than they think they are,

and at the ballot box you're allowed to express yourself

...