Maybe the EU’s political superheroes should stop worrying about saving the Euro, and start concentrating on saving their countries from the crumbling social welfare state?
From the Financial Times:
Standard & Poor’s has warned Germany and the five other triple A members of the eurozone that they risk having their top-notch ratings downgraded as a result of deepening economic and political turmoil in the single currency bloc.
The US rating agency said late on Monday that Germany, France, the Netherlands, Austria, Finland and Luxembourg were all being placed on “creditwatch negative”, indicating there is a 50 per cent chance of a downgrade within 90 days.
We are about to find out if the EU’s leaders are willing to go down with their social welfare ships, or will start preparing some life boats by liberalizing their economies. Something tells me the EU’s self-deluded elitists would rather watch millions suffer than give up one iota of power over their economies by slowly giving people more control over their own lives and economic fortunes.
But that’s the only thing that can save them now, short of The Fed throwing about one-fifth of the U.S. economy at Europe in one fell swoop. And still, that would only buy them more time, and give Americans less time to reform their own economy.
H/T Drudge Report