So much for cobbling together a bunch of unproductive, demographically declining socialist welfare States:
…The euro has many flaws, but its weakest link is Greece, whose fundamental problem is that for years it spent too much, earned too little and plugged the gap by borrowing in order to enjoy a rich man’s lifestyle. It flouted EU rules on the limits to budget deficits; its national accounts were a moussaka of minced statistics, topped with a cheesy sauce of jiggery-pokery…
…This is why the euro, in its current form, is finished. The game is up for a monetary union that was meant to bolt together work-and-save citizens in northern Europe with the party animals of Club Med. No amount of pit props from Berlin can save the euro Mk I from collapsing under the weight of its structural dysfunctionality. You cannot run indefinitely a single currency with one interest rate for 16 economies, when there are such huge fiscal disparities.
What was once deemed unthinkable is now, I believe, inevitable: withdrawal from the eurozone of one or more of its member countries…
Of course, even the more “work and save” types of northern Europe aren’t really healthy, either. They’re just not as bad off as the “play and spend” types. But the fact of demographic decline means that Europe is finished, long term, unless they start having children. Even if they can figure out a way to integrate Moslems in to European society, that will be a temporary fix – Moslem birth rates are dropping like a rock, too.
The whole concept of the Europe Union was built on a false premise – that a welfare-dependent people have a future. The Euro is very much finished – but in a real sense, it never had a chance. The money jugglers in the various finance ministries and the European Central Bank might be able to animate the corpse for a while longer, but the rot won’t stop – doom is certain for the Euro and the European Union.
But don’t get too cocky, my fellow Americans. Outside the fact that a collapse of the Euro would take us down, too, there is the fact that our structural problems are like Europe’s, just not as bad at the moment. We, too, are not having children. Our source of immigration, like Europe’s, also has a collapsing fertility rate. We’re just a decade or two back – less if Obama gets his way on a fast-track to Euro-disaster.
What to do? Well, lots of policy prescriptions – lower taxes, lower regulation, subsidiarity, etc…but, ultimately, only a return to Truth will fix what ails us. We forgot about God, set ourselves up as if we could do it on our own, and disaster has been the result. The answer is obvious.
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