A coming Euro-zone crackup?
IRWIN STELZER predicts a coming Euro-zone crackup.
A spectre is haunting Europe—the spectre of the disintegration of the eurozone. All the powers of old Europe have entered into a holy alliance to exorcize this spectre: German chancellor and French president, the Brussels eurocracy and the bonus-laden bankers. Let the ruling classes tremble. The debtors have nothing to lose but their burdens.
So Karl Marx might have written were he watching unfolding events in the eurozone. In a sense, it is like watching a slow-motion train wreck.
. . .The vision of a united Europe still has a powerful hold on the elites of Europe, who see the transfer of power from nation-states to an unelected bureaucracy as insurance against future wars and, if truth be told, a relief from democratic pressures. In addition, the prospect of a euro that would replace the dollar as the world’s reserve currency, or at least weaken its role in world trade, has a powerful hold on the French, who make no secret of their antipathy to Anglo-Saxon capitalism. . . .
"Anglo-Saxon" capitalism has given happy, comfortable lives to hundreds of millions of Brits, Americans, Canadians, Aussies, New Zealanders and the people of Singapore and Hong Kong. . .so let's be sure we squash it.
Seltzer's last fillip, about the depreciation of the dollar to pay off US debts, reminds us that the people who suffer most from these financial fiascos are those who worked hardest and did not go into debt.
Link thanks to Kenneth Anderson, writing at Instapundit.