PrintJune 25, 2012
Euro Crisis and the Twilight of Sovereignty
Many Americans, viewing the European debt crisis from afar, are justified in asking how does this ongoing and apparently never ending debacle affect them. The explanations offered thus far are steeped in arcane and convoluted discussions of bond yields, sovereign debt, bank liquidity, and the role of the International Monetary Fund as well as the European Central Bank and the Federal Reserve. But there is a much larger issue at hand.
The euro crisis is a manifestation of the fact that the global economy and capital markets are rapidly approaching the point where they will be beyond the control of national governments, leaving the people and the nations of the world powerless to control what happens within their borders. Unless there are dramatic changes in government spending and the structure of their individual economies, they lose sovereignty. This process is being played out on the European continent.
In the latter part of the twentieth century the world...(Read Full Article)
