The trade differentials in the eurozone are not in the least an insurmountable problem, at least not in theory.
A couple of weeks ago European leaders held another all-night pajama party, staggering out into the morning light to proclaim that they had reached yet another game-changing agreement.
The effect the European debt crisis will have is a matter of degrees and exposure. It's hard to discern how these unfortunate events will affect us and what actions we should take. In other words, what do we have control over and when are we just being reactive?
All European countries find themselves confronted with debt problems that impact sustainable public finances. The crisis has not spared France, the world's fifth largest economic power, something that makes private banks quite happy.
The decisive factor will be advancing issues that 80 percent of voters agree on, not just harping on those issues where there is nearly an even divide among the electorate.
What the business and financial people driving the economy have forgotten is that the gains they derive from profits produced by enterprise must be shared if our society is to function with any cohesion.
Be prepared for bad news from Europe for the rest of the year. German Chancellor Angela Merkel is being asked to represent her country, and Europe as a whole. She simply cannot do both.
No, this is definitely not referring to Angela Merkel. Rather, it is a different tactical approach, looking to instill some much needed humor in the midst of an extremely serious population. And if you can laugh at your own follies, you're half-way towards some serious self-(social) criticism.
On July 1, one of the EU's smallest states and most recent members -- the Republic of Cyprus -- assumed the six month presidency of the E.U. There are three reasons why Cyprus' presidency will be of such great consequence.
While some economies are crashing, the celebrity of some economists is booming. One of these celebrated economists is Martin Wolf, the chief economics commentator at the Financial Times and surely one of the world's most influential columnists.
American politicians are keen to advise Europe's leaders on fiscal and economic policy. But why should Europe listen to those whose failed policies are at the root of the current problems?
For Europe to minimize external headwinds, the U.S. needs both to avoid another sub-100,000 job creation print and to deliver improving indicators of long-term unemployment and labor force anticipation.
If the heads of states now embark on the path toward more integration and sacrifice some national sovereignty for common financial policies, the euro will be the next global reserve currency. And nobody will even remember this crisis.
If Europe continues its steady march to financial depression and collapse of the Euro, no politician will be more to blame than German Chancellor Angela Merkel.
Economics is a cruel game. The stakes are life and death. The driving theory is simplistic, mechanical, with a cauldron of emotion and judgment bubbling just below the surface.
When everyone is going in one direction, it's worth taking the opposite route, the contrarian option, the "road less traveled." Here is my recommendation for the next few years.