I kind of liked this quote from his column earlier this week: "Europe, meanwhile, is not having a good crisis."

As if on cue, the Journal reports today that Germany's economy contracted by a brisk 14.4 percent (annualized) rate during the first quarter. Could be worse, I guess. Mexico's shrunk by a staggering 21.5 percent. (Though, with everything going on there these days, that could have been worse, too, presumably.)

--Noam Scheiber