Bruce Arnold: Europe steering a course that will drive us to ruin
What I will describe as 'conventional wisdom', using the term in its most pejorative way, is still being applied -- and widely applied -- to an economic and political crisis that is in the process of devouring us. Its ingredients are as follows:
The wisdom is: we must stick together. That means the states that are in the eurozone. They have stuck together, tightly, through an increasingly long chronology of failed measures and have been failed by these.
But we must go on sticking together with the new development. This is the collective compact supported by the proposed new international treaty on fiscal union. Lying in wait for this is the virtual inevitability of a referendum on which it is possible that the courts will be invoked to over-rule the Attorney General.