By Luis Arroyo, in Madrid | The reason? Well, their States are exemplary. No banks in trouble, no massive public debt but a very aggressive monetary policy to grease the inevitable deleveraging process. Let us compare them to the US, for instance, whose gross debt to national GDP has already touched the 100pc base. This, I suppose, should shake the beliefs of old Keynesians like Krugman, stubbornly champions of a…