The Euro's Collapse Is Not Just About the Euro

How do you say Schadenfreude in French?  Or Spanish?  Or Greek?  Because, three years into the failed economic policies of a failed president, Schadenfreude -- knowing that, however bad our situation may be, the state of affairs in the Eurozone is much worse -- is all that is left to us.
And it is worse, make no mistake about that.  And, it increasingly appears, irreversible.  Which is why those of us who saw this day coming must resist the urge to gloat now that the poulets européens have come home to roost.  Let us instead, let out a sigh of relief as we observe the Euro-debacle from a safe distance and draw what lessons we can, lest there fate become ours.  For the euro's increasingly probable collapse is about more, much more, than the euro.
George Mason University economics professor Tyler Cowen almost gets it when he writes, in the May 26 New York Times:

We thus face the danger that the euro, the world's No. 2 reserve currency, could implode.  Such an event wouldn't be just another depreciation or collapse of a currency peg; instead, it would mean that one of the world's major economic units doesn't work as currently constituted.

Note the qualifiers, "could," and "would."  In fact, the euro is imploding and said implosion does mean that "one of the world's major economic units doesn't work as currently constituted."  And it's a pretty sure bet that whatever new constitution the Euro-elites conjure up for their "newly constituted unit" won't work, either -- certainly not if it's "newly constituted" by the same people who constituted the current one.

Read more: http://www.americanthinker.com/2012/06/the_euros_collapse_is_not_just_about_the_euro.html#ixzz1xl8K15pW