The end of European union

Greece represents a perverse aspiration — a society with (in the words of Wisconsin Republican Rep. Paul Ryan) “more takers than makers,” more people taking benefits from government than there are people making goods and services that produce the social surplus that funds government. By socializing the consequences of Greece’s misgovernment, Europe has become the world’s leading producer of a toxic product — moral hazard. The dishonesty and indiscipline of a nation with 2.6 percent of the eurozone’s economic product have moved nations with the other 97.4 percent — and the United States and the International Monetary Fund — to say, essentially: The consequences of such vices cannot be quarantined, so we are all hostages to one another and hence no nation will be allowed to sink beneath the weight of its recklessness.

Recklessness will proliferate…

It is said that, two decades after the end of Europe’s East-West political division, there is a North-South cultural division. But Ireland’s and, even more, Britain’s debt problems refute that distinction. Britain’s debt, Europe’s worst, is the result of increasing government spending from 37 percent of GDP to 53 percent in a decade. The London Spectator says no other European nation “has expanded its government as quickly — over this or any other decade in postwar history.”

The U in the EU — the unifying thread — is indiscipline. Increasingly, it also is the unifying characteristic of the USA.