I don’t know the exact words of the popular refrain now doing the rounds, but I think it goes something like this: “Now Greece. Now Ireland. Next Belgium, then Spain—panic, panic, panic—collapse of the €uro, blah blah blah, etc., etc.”
When it comes to the Euro, we’ve been treated to one gleeful prophecy of doom after another. And, actually, such doom would be something of a blessing in terms of stopping the worrying march of Euro Federalism, but as with a lot of popular predictions, there is a sizable chunk of wishful thinking involved.
OK, the Euro looks crap right now, but what a lot of people don’t realize—including many who should know better—is that it was always intended to be a bit crap, unlike the Deutschmark that it replaced—more Vorsprung Durch Scheiße than Vorsprung Durch Technik.
