The biggest economic story in the world today isn’t the L-shaped recession in the U. S. even though that’s what I’ve been posting about for most of the last several years. It’s the conflict between Europe’s debtor countries, e.g. Greece, Portugal, Ireland, etc., and creditor countries, mostly Germany and France and the problems that conflict is creating for the euro. By saying that I’m not dismissing our problems or the misery that our slow economy is causing for the millions who’ve lost their jobs over the last four years, many of whom remain jobless. However, the problems in the Eurozone, waggishly being called the “EZ#148;, are an enormous story. Earth-shattering.
I lived and worked in Europe right about the time that the discussions of creating the euro were in progress. I was in Germany albeit a divided one at the time and even to me, a foreigner, it was patently obvious that 1) the euro was being created to promote French and German interests and 2) Germany’s economic might and mercantile attitude would inevitably cause problems for smaller, poorer countries.
Well, that’s where we are right now.
As a general principle I butt out of things that aren’t any of my business and IMO the euro is none of my business and I sincerely hope it remains so. You may have noted that when the U. S. has stepped up to support the euro, I’ve commented and that I’m ag’in it.
I hope we keep our noses out of it this time around. We have enough problems of our own without trying to support the unsupportable.
Problem is that economies are interconnected. A problem in Europe could become a U.S. problem….
I’m not saying we should butt in, but that even if we do stay out of it there might be a negative impact for the U.S.