Why Europe Needs the EFSF, and Aliens

What is the EFSF? It’s the European Financial Stability Facility, silly! Don’t you keep up with European “politics?” Yes, yes, last week they were calling it the ESM, I think, but anyhow, here’s one of those fun little office-cooler cartoons (h/t Ricochet) to ‘splain everything, and make you feel as peachy as can be ‘bout our European cousins.   What’s actually going on is weird enough to make the cartoon’s brief consideration of extra-terrestial factors seem perfectly sane.

Seriously, though, major adjustments to the EU appear to be taking place with little adequate U.S. press coverage. The above cartoon doesn’t even get into the scary political-institutional implications of the latest agreements I’ve seen discussed here and there. If any commenters here can direct us to better discussions, or report upon what wise Europeans like Pierre Manent are making of it all, please do so.