Presuming a uniformity of social circumstances and economic opportunity when they do not exist, and cannot be enforced, inevitably leads to peonage for some and riches for others.
I think this is only the tip of the iceberg. The analysis I did to evaluate the countries across the region showed the year-on-year debt of each country and the cumulative total debt.
I am presumably in the same position as most others: Neither do I fully understand what is happening, nor do I believe that those in power have a better grasp of it.
Will you imagine that European leaders, in an untimely attack of lucidity, might look at the reality of the Union through the eyes of ordinary citizens?
No matter what anyone tells you, it stands to reason that this European crisis is significant and will be around for quite a while longer. What will markets do?
Spain or Italy: which one is worse off? Economically, Spain; politically, Italy. But since a bad political situation tends to hurt the economy, and a sick economy always poisons politics, the answer could easily be reversed.
Those seem like sound ideas to me, but they might be beyond the reach of the various governments in those countries where, much to the chagrin of the European Central Bank, citizens do still have the right to vote.
What really will raise resistance in the centers of financial and despotic power around the world is this civic impulse.
If anyone is in the position to get people off their duffs and back to work, it's Germany. But Germany refuses to do so, and thus the whole continent of Europe is sitting at home instead of working -- all to watch this powerhouse play in Group B of the European Championship.
The global economic orthodoxy is being widely rejected by people who are pessimistic about the direction their country is taking. Most people have little faith that the lives of their children and future generations will be better off.
Difficult decisions need to be made now, and not just about individual countries but also about the composition and functioning of the euro zone as a whole. There is still time for policymakers to regain control. But not much.
If President Obama loses his bid for re-election it will probably be because of the economy but not America's economy. How do you put on a bumper sticker, "I saved GM but had no power over the Euro?"
The euro appears to be a marriage of incompatible partners. Fortunately, there are alternatives to an ugly divorce. Rules that can be bent for banks can be bent for people and nations.
Angela Merkel's increasing isolation among European leaders should increase the chances that the austerity mongers may yet relent. But Merkel, thus far, shows no sign of moderating her stance.
The recent decision of the Spanish government to ask for a $125 billion recapitalization program was not an easy one. However, the Spanish package is substantially different from its predecessors.
The continued European debt problem poses both economic and political risks to the United States.