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Wednesday, October 25, 2006

 

As the EURO Ruins Europe...

-By Warner Todd Huston

Just a little about how Europe's EU and Euro experiment is closer to collapse every day...

What we see in Eastern and Southern Europe today are the consequences of the EU’s transformation from a union of democratic countries into a sort of supra-national financial empire in which the most important decisions affecting EU citizens are no longer subject to democratic control.

There is now almost no chance of Hungary, or any other new European country, being admitted to the euro-zone in the foreseeable future. This was demonstrated over the summer when Lithuania and Estonia was refused permission to join the euro on the flimsiest of grounds. This EU decision attracted little attention in Britain but was hugely controversial in Eastern Europe. It effectively meant that the accession countries would continue to have their economic policies set in Brussels and Frankfurt without even being able to enjoy the modest benefits of using the single currency.

These simultaneous fiscal blunders in Italy, Germany and Eastern Europe will almost mean another “lost year” for the euro zone, with economic performance falling far behind America, Britain and Japan. But the long-term consequences could be more far-reaching.

The EU is an authoritarian nightmare and it won't be long before it fails utterly.

Personally, I think they deserve it. Every single way socialism has been tried on such a large scale has FAILED miserably.

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