Escape from the Euro

European leaders agreed on a new ‘comprehensive’ solution to the Euro crisis, for the 5th or 6th time.  LOL.   This one isn’t even worth the paper it is written on.   Apparently a footnote to the treaty was inserted saying it must pass the Finnish parliament, knowing full well the treaty is unconstitutional under the Finnish law. (lots more commentary here)

The British were none too pleased either and good for them!

 

I think it might be something like Escape from New York (see below for video preview).  Sound Silly?    think again –

First of all, the crisis of the euro is killing the European dream. … Specifically, demands for ever-harsher austerity, with no offsetting effort to foster growth, have done double damage. They have failed as economic policy, worsening unemployment without restoring confidence; a Europe-wide recession now looks likely even if the immediate threat of financial crisis is contained.

Nobody familiar with Europe’s history can look at this resurgence of hostility without feeling a shiver. Yet there may be worse things happening.

Right-wing populists are on the rise from Austria … to Finland, where the anti-immigrant True Finns party had a strong electoral showing last April. And these are rich countries whose economies have held up fairly well. Matters look even more ominous in the poorer nations of Central and Eastern Europe.

And in at least one nation, Hungary, democratic institutions are being undermined as we speak.

One of Hungary’s major parties, Jobbik, is a nightmare out of the 1930s: it’s anti-Roma (Gypsy), it’s anti-Semitic, and it even had a paramilitary arm. But the immediate threat comes from Fidesz, the governing center-right party.

The European Union missed the chance to head off the power grab at the start … It will be much harder to reverse the slide now. Yet Europe’s leaders had better try, or risk losing everything they stand for.   Paul Krugman

 

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