Commenting on Jean-Claude Juncker’s state of the European Union speech last week, the usually restrained German economic weekly Wirtschafts Woche said the following: “Today the chief of the European Commission gave a great speech… a speech full of great nonsense.” What prompted that staid publication to use such undiplomatic language, especially since the European Parliament gave the speech a standing ovation? Hopefully, it is the realization of more and more Europeans that the cheap EU triumphalism and prescriptions peddled by Juncker are, at best, inappropriate, and at worst, a recipe for disaster. Of triumphalism there was plenty in the speech. “The wind is back in Europe’s sails” Juncker assured the audience and told it that the EU is “in the fifth year of an economic recovery,” something that few reputable economists believe. As proof, the European Commission offers GDP growth of 0.6% in the second quarter, on top of 0.5%...(Read Full Article)