Jeremy Warner in the United Kingdom’s Daily Telegraph yesterday, warns that Argentina and Turkey (“emerging markets crisis”) are not the real danger to the European economy, but rather the Eurozone is. “Europe offers nothing in the way of solutions, just grinding, destructive austerity, which has inflicted seemingly permanent economic damage on once proud nations….
“Against the self-harm of the Eurozone, Turkey and Argentina look like mere fireflies before the storm. In the scale of things, they don’t matter, and in themselves are unlikely to alter the wider picture of what’s happening in the world. The greater menace still lies in Europe….
“Unable any longer to afford its own goods and services, Europe instead dumps its excess production on the rest of the world and calls it progress. There could scarcely be a more counterproductive approach to policy. Incapable of going either backwards to the sovereign independence of the past, or forwards to the burden-sharing which necessarily underpins any successful monetary union, Euroland has become stuck in a destructive stagnation of its own making.
“All Europe’s great gifts to the world—its inventiveness, industry, art, music, forms of governance, its very sense of identity—spring from its cultural, economic and national diversity. Crushing the life out of this infinite variety in pursuit of some corporatist vision of low-cost international competitiveness seems to have become a goal in itself…. Look on my works, ye mighty, and despair.”