That title ought to get readers but even a stopped clock is right twice a day. Paul Krugman talks about how the Euro is an artificial currency:
I remember quipping, back when the Maastricht Treaty setting Europe on the path to the euro was signed, that they chose the wrong Dutch city for the ceremony. It should have taken place in Arnhem, the site of World War II’s infamous “bridge too far,” where an overly ambitious Allied battle plan ended in disaster.
Of course he is right. Of course Krugman is right for the wrong reasons:
“Above all, it [the EU] lacks a central government.”
Of course Paul Krugman probbaly favors a strong EU and I do not. Let me go further: The European Union is not in America’s best interests. Why should we foster the rise of a superstate that will be our rival and that has proven unreliable? The EU will seek to meddle in our affairs through the WTO (remember the Byrd amendment when they egged the WTO to “strike it down”; this was a gross invasion of our national sovereignty and internal affairs and should have been resisted! Cong. Paul suggested vainly that we should get out of the WTO.) and will also seek to meddle in our internal business interests by subjecting US companies to new regulations. Besides, the EU is inherently undemocratic. It only exists because elites were determined to keep the people out of its formation. I cite Wikipedia:
Any reform to the legal basis of the EU must be ratified according to the procedures in each member state. All states are required to ratify it and lodge the instruments of ratification with the Government of Italy before the treaty can come into force in any respect. In some states, such as Ireland this is usually a referendum as any change to that state’s constitution requires one. In others, such as Germany, referendums are constitutionally banned and the ratification must take place in its national parliament.
On some occasions, a state has failed to get a treaty passed by its public in a referendum. In the cases of Ireland and Denmark a second referendum was held after a number of concessions were granted. However in the case of France and the Netherlands, the treaty was abandoned in favour of a treaty that would not prompt a referendum. In the case of Norway, where the treaty was their accession treaty (hence, their membership), the treaty was also abandoned.
The EU elites like votes when they agree with their goals or they go again until the get it right. Rock stars, most establishment politicians and business leaders all gang up to beat the electorate senseless until they give in. And the United States gives this body legitimacy? Never!
What should be said about the EU and the Euro is what Cato the Elder said about Carthage:
Carthago delenda est! (Carthage must be destroyed!)