Europe is at the abyss, again. Its turmoil is rattling global stock markets and stoking fear and bewilderment. The obvious question is, what is the solution? The answer is, there is no solution. Europe faces choices, some bad and others worse. Unfortunately, it’s unclear which are which. The best that can be imagined is that Europe lurches from crisis to crisis and that its slumping economy weakens the already fragile global recovery. The worst is a massive flight from the euro and an economic free fall that resurrects the dark days of 2008 and 2009.
Can anyone doubt that the euro’s creation in 1999 was a huge blunder?
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