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WRM on the Geopolitics of The Euro

It’s paywall protected, but this morning I have a piece in the Wall Street Journal looking at the geopolitical implications of Europe’s currency disaster.

There’s nothing good to report; the currency meltdown is making Europe weaker and less consequential in the world in ways that seriously damage important American relationships and interests. Even in a best case scenario — that Europe agrees on a workable plan for recovery and deeper union — the world faces several years in which the EU will be looking inward and its financial and political resources will be largely consumed by its efforts at integration and reform.

The commentary has focused so far almost entirely on the dramatic economic consequences of the euro-implosion, but this is a major geopolitical event as well.

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  • Jacksonian Libertarian

    I don’t see how a political union is going to solve the economic problems, brought on by excessive government borrowing and spending. For example is the US Federal government going to bailout the State of California when it goes bankrupt? It seems unlikely, the rest of the nation would go ballistic if they had to pay for the irresponsible Californians who did it to themselves.

  • Eurydice

    Thank you – I’m glad you’ve been able to bring this subject out for consideration. So many think (or hope) that economic issues are discrete from political and security issues.

  • Jim.

    Why is a political union that sets in stone the expropriation of 8% of one member state’s wealth without any common sacrifice from the other member states, and institutionalizing a means of making their common currency worthless, at all desirable?

    Why do you believe it’s even stable?

    Go back and read up on the Treaty of Versailles.

  • Mat

    I assume almost everybody knows this by now, but you can read stuff behind the WSJ paywall by googling the article title and going there from Google News.

  • jaybird

    A political union is not the answer unless it is accompanied by an unprecedented outbreak of common sense. As in, a realistic re-appraisal of the unsustainable European social contract.

  • thibaud

    Wow. This is an excellent piece: fact-based analysis, airtight adjective control, nary a sneer in sight, no catnip for Jacksonian know-nothings.

    And no ridiculous shmooping for Putin or blather about crusades on behalf of religious freedom in Syria – just a plain and clear acknowledgment of what some of us have been saying for a long time: “Europe’s disorder is a grand opportunity for Russia.”

    Who is the real Mead – is it Dr. Jekyll-Mead who writes intelligent and grown-up analysis like this WSJ piece, or the spittle-flecked, reality-denying Mr. Hyde-Mead of Via Meadia?

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