The utopian dream of a United States of Europe is coming apart at the seams. Greece, Italy, Portugal and Spain are all on the verge of default, which would push the rest of the common market into the abyss. For once, Paris is refusing to surrender and continues to fight the inevitable downgrade of France’s credit rating. The European Central Bank isn’t strong enough to do much to prevent a continental banking meltdown. Overall, European economic chaos makes U.S. fiscal indiscipline look manageable. This is slim comfort, however, because in the modern global economy, we all sink or swim together.
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