David Frum: Imagine a world in which Europe had proceeded with economic unification, but did not create the euro. In such a world, as in our world, goods and workers would move freely from Warsaw to Lisbon. Europe’s internal investment barriers would have largely vanished. What then? In such a world, Germany as the most productive …
Kevin Drum: Here’s a cleaned-up version of a conversation I just had about Greece’s sudden U-turn on the rescue deal negotiated just last week. Enjoy. Are the Greeks crazy? No, they’re just at the end of their tether. Europe is asking them to adopt more austerity than they’re willing to bear. OK, but they’re spending too much …
Lenin’s Tomb: On Monday, the Greek Prime Minister announced that his government would hold a referendum on the latest Euro austerity package. And look at the reaction to this ostensible democratic naivete. Stock markets slide everywhere. The BBC expresses its disbelief: “For whatever reasons, George Papandreou was standing up for democracy.” German and French politicians throw tantrums, demanding …