Ralph Peters plays Grinch

In Ireland and Spain, housing bubbles created the illusion of roaring economies -- and pandering governments inflated already generous social programs. In Italy and Greece, state giveaways, bubble economies and rabid corruption created national debts in excess of GDP. Even in this age of globalization and complex financial instruments, one law of the financial jungle remains brutally true: The bills come due eventually. You don't say.

Dubai's bankrupt, but frightened investors pretend otherwise. Greece is bankrupt. Spain counts on being considered too big to fail. Central Europe's headed for the post-modern equivalent of debtors' prison. Don't worry, be happy. Have some ouzo.

What of our own country, with its soaring debt, congressional irresponsibility and an administration whose No. 1 priority is expanding unaffordable entitlement programs? And a Merry Christmas to you.