I think all these elites believe they are wealthy and secure due to their superior morality and work ethic. Therefore, it's important to make sure the plebes feel some pain for their excesses so they'll adopt the higher standards of their betters. Just as Michael Kinsley believes that Chris Christie's obesity reveals a slothful character, the Central Bankers are apparently all convinced that sovereign debt is due to the character flaws of slothful citizens who have failed to become wealthy. Neither belief is relevant to fiscal policy. Or even true.