Europe is right on the edge of another downward lurch into prolonged deflation. GDP growth is hovering right around zero. Germany, as an export powerhouse, continues to thrive, but at the expense of the rest of the continent. The euro, which keeps sinking against the U.S. dollar, is now trading at just $1.20, its lowest level in four and a half years. Unemployment outside prosperous Germany remains stuck at over 12 percent. All of this weakens the political center that supports the EU, and increases the appeal of far-right parties. So what does Europe have left? It is a mark of the delusion of Europe's leaders that the EU is putting its chips on a trade deal with the U.S. -- the so-called Transatlantic Trade and Investment Partnership. TTIP is not really a trade deal at all but a series of measures intended to promote further deregulation of economic, financial, health, labor, safety, privacy, and environmental protections on both sides of the Atlantic.