Indeed, the worst thing for all Americans is no action addressing our fiscal imbalances. Our leaders do not need calls from constituents who urge them to hold to their party lines. What our nation desperately needs is those who press leaders to find a path to the win-win.
Predictably, the unemployment rate rises above 25 percent, riots and demonstrations ensue, and an extreme right-wing party rapidly gains adherents. What this will mean for Europe's political future is unclear.
What struck me most in talking to people in Athens and other parts of Greece was how common the refrains were from my visits to Ireland. People in both countries want the world to know the pain they are feeling.
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.
According to René Girard, in periods of collective crisis the phenomenon of scapegoating flourishes. Today, the notorious "PIGS" (Portugal, Ireland or Italy, Greece, Spain), have become those animalized, "criminal" scapegoats.
What Europe's voters and its central bank are coming to recognize is that unremitting fiscal austerity measures are the wrong prescription for what ails the European economy -- they're actually exacerbating the continent's economic problems.
The light of democracy is being extinguished across the continent in which it was born. An unaccountable European elite is ignoring the basic principles of democracy and betraying the founding vision of the EU.
No matter how inspiring the future European vision might be, the strategy towards it, unfortunately, bears neither fiscal nor social morality over the people. The domino effect has started from Greece.
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.