Europe Bails Out Its Failed States with Common (i.e., German) Bonds

by John Rubino
Dollar Collapse

The “European Project” was designed with something like the current crisis in mind.

The adoption of a common currency was just the first, politically easiest, step in a process that would eventually – its architects hoped – culminate in something like the United States, where a bunch of different geographic and cultural entities are subordinate to a central government that handles war, diplomacy, and finance.

The problem was that pretty much every European country was ambivalent about this transfer of national power to a supranational entity. The weaker countries like Italy feared being dominated by cultural authoritarians like Germany, while the Germans hated the idea of being responsible for spendthrift Italians.

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