Europe finally awakes from its utopian dream … Let’s say this again, just in case a single sentient being on the planet has missed it: Germany cannot simply decide to bail Greece (or Spain, or Italy, etc) out of its debts. OK? However much Angela Merkel is nagged, berated, bullied and patronised by Barack Obama, David Cameron, or the BBC/Guardian axis that regard the preservation of the euro project as critical to their own interests, she cannot just revoke, in a unilateral act, the rules of German government or of the Bundesbank. Her persistent refusal to “take decisive action” of the kind that would suit the purposes of all those clamorous voices at the G8, is not “dithering”, as it is so often described. In fact, it is not (or not entirely) to be explained in any of the mildly contemptuous ways that her tormentors suggest. It does not arise from an unthinking, superstitious terror instilled in her by the Weimar nightmare of hyper-inflation. Nor is it a narrow-minded expression of the German hausfrau’s values of thrift and self-discipline. What Mrs Merkel is doing, quite appropriately, is defending the integrity of her national constitution, the economic principles on which her country’s economic success has been built, and the interests of her own electorate. – Janet Daley/UK Telegraph
Dominant Social Theme: It is time to go.
Free-Market Analysis: Someone in the mainstream press has finally written the evident and obvious truth about the Eurozone: Angela Merkel does not have it in her power simply to declare a new pan-European empire.
For this clear – clarion-like – truth, we thank Janet Daley. As part of a truly remarkable show of force on this Monday, the UK Telegraph is in full cry with no fewer than half a dozen articles calling for the demise or reduction of the EU.
But this article by Daley is by far the best, in our view – and, of course, that is a biased statement, for she comes closest to enunciating the position regarding the EU that we have been taking.
Thanks to BrotherJohnF