Eurozone’s Terminus Now Only a Matter of Time

As the rigors of the 18-member European common currency amalgam continue to wax and wane, this is no longer an attempt to restructure a unified currency block to strengthen its operating capability, but a question as how to disengage a disparate group of distinct national entities that should never have come together in the first place.

In retrospect, this concept of a common currency to ostensibly forge an ultimate United States of Europe was based on a commonality, far outweighed by cultural disparities, traditional distrust and economic antipathies embedded in European history. The inflamation of World War II and the multiple prejudices that continue to exist, now make the preceding 27 member-strong community of nations, as well as a common currency, seem increasingly utopian.

With last century’s two lethal wars rightfully blamed on the flickering hatreds existing within the European sub-continent, it was hoped that the “peace to end all wars” lay in the blueprint of the “United States of America.” But the bloody breakup of post-Tito Yugoslavia, and the more benign separation of Czechoslovakia into two states should have given warning before the latest turn of the millennium. Even the breakup of the Soviet Union in 1990 was coincident with the reunification of East with West Germany. This should have warned of further disruptions before an attempt of “open borders” and a shift in the working populations between Eurocom nations gave way to the current currency nightmare.

The current giant Band-Aids now being formulated in the form of a multi-trillion Euro slush fund subscribed to by leading European central banks are strictly short-term expedients. They are heavily tilted toward Germany’s superior economic capabilities. On the other end of the spectrum, the PIIGS nations (Portugal, Italy, Ireland, Greece and Spain) will continue to be a drain, which the more industrious, and less entitlement-depended German workers will likely put an end to at the next national elections.

With America’s future tilting dangerously toward the European model, the U.S. electorate may think twice before following down the path of de-capitalization and internal wealth redistribution that the ill-fated Eurocom and Eurozone have unfortunately chosen.

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