There will likely be a lot of thoughts to come with regard to the E.U.'s nearly $1 trillion package of bailout loans, but the most glaring issue is that, despite its enormous size and scope, Europe's new 'solution' misses the root of the Eurozone debt problem and worse yet could be amplifying it. The underlying problem behind everything is moral hazard. So why are they rewarding it like never before? The walls of fiscal and economic sovereignty are being breached. No EMU country will be allowed to default, whatever the moral hazard. Interestingly, Europe's debt crisis has thus been a...