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The more I examine the financial,
political, and economic structure of the European Union, the less sustainable
and sensible it appears.
Having a common currency without allowing for transfer payments to make up
for the lack of a flexible currency exchange is almost incredible considering
the diversity of the region.
And when one adds the fact that each country is expected to issue its own
bonds, in euros, with its own interest rates, and it becomes more like some
doomed mutant, a kluge created by a committee, than a viable entity
with a well thought out, robust structure.
Is the EU the new AIG? What were they thinking? The financiers are going to
devour the best parts and then pick its bones.
Europe as it is currently constituted cannot last. It may go on for some
years as an artificial construct, but it has a relatively short half life. It requires
major surgery.
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