Tuesday 17 October 2017

Elites flirt with demise of euro

Do our political, financial, civil service and judicial elites really think that if a continent slides into fiscal autarky because of their own inertia they will be protected by an unpaid police force and army?

The best measure of the crisis Europe still faces after last week's latest inconclusive summit is the return of the Cold War concept of the domino theory. Today, it is currency rather than communism that poses a new but no less lethal threat to the social order.

Friday's inconclusive summit suggests, however, that the implosion of the euro is a threat our EU elite is prepared to flirt with. But, as a continent's leaders attempt to appease the markets with a fiscal solution built on sand, they should recall that three decades ago more than half of Europe was under the sway of a communist kleptocracy. And less than two decades have passed since the break-up of Yugoslavia was the catalyst for a vicious sectarian war. Democracy is a fragile blossom, and inertia, or 'clever legal trickery' -- be it in Bosnia or the bond markets -- never solves a crisis.

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