The whole world economy is now a single economy. And one cannot understand it by juxtaposing the analysis of national economies and their trade exchanges. We must think of the world as a single economy; as a country. But a country without rule of law or regulatory state.
It takes a blind eye for history and a deaf ear for economics not to understand that Europe's agonies could soon become our own. And let's not forget: as bad as things are in Europe, they can always get worse.
My hope is that the Hollande presidency dramatically advances a profound discourse about the meaning of democracy and capitalism, inspiring brilliant minds to propose innovative ideas that can save Europe, America and the world.
As the end of 2011 neared, I looked at the Eurocrisis from a political perspective and concluded that the political system is incapable of solving the problem and probably will fail to do so. The markets will, sooner or later, figure this out.