European futures - sell faster
Posted by aogThursday, 12 December 2002 at 19:24 TrackBack Ping URL

Orin Judd has an extensive post on Europe's dismal future. He has a couple of long cites. What struck me was in the second one, there was the standard "US is doomed because it is a debtor nation, if other nations get upset then the debts will be called in". This very analysis demonstrates the closed world view that is dooming Europe. There is simply no conception that these debts / investments are made by millions of people and businesses, not by the nations they inhabit. Are Europeans such sheep that they will sacrifice their own financial futures in order to spite the US? Europeans seem to be willing to acquiese to much, but active self destruction still seems beyond them.