European powerbrokers’ insistence on papering over national boundaries with a common currency is backfiring in a big way. Inviting PIIGS countries into the eurozone was like cosigning a mortgage for someone who can’t afford the monthly payments. You shouldn’t do it because ultimately it will be your ass on the line.
The Greeks piled up debt to 175 percent of GDP, forcing economic growth through hyper-fascist, demand-side policies, and like an itinerant college graduate they refuse to move out of mom and dad’s basement or pay rent. Now “united” Europe is forced to either:
- Forgive a boatload of debt to Greece, risking bond rating devaluations on top of zero interest rates and quantitative easing
- Push Greece into the waiting arms of a crafty enemy in Vladimir Putin
Soft underbelly of Europe, indeed! Russia, which is not manically enslaved to liberal pieties, continues to show poise in the 21st century fight for national survival. They’ve halted Western military expansion, they’ve honored savers with marketable interest rates, and they’ve relatively recovered from demographic collapse by pursuing a pro-family agenda and giving the gay mafia no quarter.
Were it not for the undemocratic, authoritarian means, Russia’s record would be enviable.