David McWilliams: EU elites are destroying national economies in bid to save the euro
I AM writing this piece from Arizona where I have just heard the brilliant American economist Austan Goolsbee -- the chairman of the Council of Economic Advisers and the youngest member of Obama's cabinet -- argue that the European economic crisis will go on for a long, long time. He kicked off Google's Zeitgeist conference with a tour de force on the US and the global economy.
Is he right? Will the crisis go on and on?
The political news of the past few days suggests that this titan of American economics has good reason to be fearful. Consider this litany from European politics in the past week, a litany that is likely to culminate with Spain asking for EU assistance to keep the lights on.