Iceland Iffy on EU Club
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  • jtintokyo

    This is yet another example of the failure of the euro. Iceland has survived and is recovering because they let those most responsible (namely foreign lenders) take full responsibility for their foolishness. Had Iceland been in the euro, Iceland would now, like Cyprus, be under the yoke outsiders. As it is, this tiny country remains in control of its destiny.

    The lesson is clear – fiscal union without political union is nonsense. The very first thing that the nascient US Federal Government did at the end of the Revolutionary War was to assume the debts of the various states. Thus, the union that is the United States was born. Europe is centuries away from this. The euro as a whole is a failure and it will eventually shrink to Germany, Austria, Holland, Finland and a handful of other like minded nations.

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