Current Events
Make the Euro A Joking Matter
Paul Johnson, 06.27.12, 06:00 PM EDT
Forbes Magazine dated July 16, 2012A strategic error was made in creating the euro as a common currency without aligning its members' financial and fiscal policies.
Why is the global economy finding it so difficult to emerge from the crisis of 2008? Increasingly the evidence points to that huge bureaucratic monstrosity, the European Union, as the source of the trouble.
During the past two years EU leaders have held numerous summit meetings, including tête-a-tête encounters between Germany’s chancellor, Angela Merkel, and France’s former president, Nicolas Sarkozy. All were hailed as make-or-break opportunities to “save” the euro. All failed. Meanwhile, most of Europe is sinking deeper into stagnation or industrial decline and experiencing rising unemployment and psychological despair.
"Old Mother Merkel" indeed. But Romney is no Reagan. And, as Charles Murray demonstrates, the gift of our founding ("The American Way of Life") is squandered and derided these days. Gloom and doom. But, spem spiro spero. (while I breathe I hope), so let us carry on and see what happens. Lenin created a hellish system that lasted for six decades, but it did not last forever. Hope an Change are eternal, not the possessions of one party or man.