Would the End of the Euro End the EU?
Oscar Wilde once wrote “We have really everything in common with America nowadays, except, of course, the language”. I’ve got to admit that I just love the way our British cousins use our allegedly common tongue. Take this snippet of polemic from Scottish columnist Gerald Warner in the Daily Telegraph (AKA Torygraph):
Do you see that smoking slag-heap of smouldering, toxic debt? The polite name for it is the European Central Bank (ECB). It is a landfill site being used by bond investors to dump Greek waste paper and other unwanted garbage. It resembles the back yards of Fannie Mae and Freddie Mac when the sub-prime time-bomb exploded. Steptoe and Son would turn up their noses at such a tip.
In the column from which that snippet was taken Mr. Warner goes on to make the case that the euro should collapse, is collapsing, and will take the European Union with it. Although I think the euro was a poor idea from the start, I certainly hope he’s wrong about the European Union. I think it along with NATO have provided much-needed stability for the Continent.
Are we witnessing the end of the EU experiment?