Okay, here is the scoop. Please pick it up and move on to serious matters, like how to end the wars that are obviously part of the financial crisis. The European Union, founded on the idea of a common border and common currency, is falling apart. There is something rotten in the state of Denmark, as it has reinstated border controls on both its German and Swedish borders. Though nowhere near as draconic as the heavily-armed US outposts along the Canadian frontier, where all those dangerous outlaws are trying to press south, they nevertheless irritate their neighbours mightily. Hungary currently contributes the presiding president to the EU council and also unnerves its fellow members by acting contrary to EU rules on the question of ethnic minorities. Greece is living so far beyond its means that Sugar Daddy Germany has made clear it has run out of patience with request for further bank transfers. Ditto Portugal and Ireland, and more menacingly Spain and Italy. Who’s next? Well, even France has noticed that its bellicose response to poor Libya’s problems is costing way more money than it thought it would (which war doesn’t?) while gaining it no new friends on its former colonial continent since military success is not on the horizon while civilian deaths mount. The UK staggers along with a new scandal (welcome aboard Rupert) each week. Can you name the Prime Minister? There are some economic successes that should be mentioned: Germany, cruising along because of the quality of its expensive products and its unwillingness to get into wars, Switzerland, cruising along because of it secret bank system, Poland, the country that has gained the most from EU membership, and, amazingly, Estonia, which has the best financial report of them all.
And then there is the United States, the most powerful one of them all still – pace China – whose elected representatives seem incapable of dealing with elementary money matters such as overwhelming debt, war expenses and looming bankruptcy. The last will presumably not be allowed to happen, but I’m afraid the analysis of that possibility goes beyond the scope of the title of this rare foray of my brother Doug into higher economics.