New Deal in Europe

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There is an agreement to agree, and it uses the phrase “new deal.” It is a 7-page statement. The goal, fairly explicitly provided, is a stronger central government for those European states that agree to it. It advances toward a United States of Europe. There is zero in it that advances freedom, just the opposite. It maintains all the presumptions of our era: big governments, central banks, fiat money, macroeconomic control. It adds on balanced budgets. Great Britain declined to sign on because of a prospective loss of control over financial regulation. Merkel favors a financial transactions tax and presumably there are other cockeyed ideas floating around in their heads.

The macroeconomic control and the control over the individual budgets of member governments that these heads of state seek will prove both elusive and counterproductive.

4:35 am on December 9, 2011