Though the continent's collected prime ministers will no doubt again pledge to do all that's within their powers to preserve the grandeur of the European Union when they meet today in Brussels, the continent's fate ultimately rests on the quiet, technocratic governments of Italy and Greece. Unfortunately, those administrations have since seen their fortunes diverge considerably. It’s worth noting, however, that their respective failures and successes have been entirely predictable (if not entirely preventable.) Take Italy first.
The Rumors of the Euro’s Demise Are Greatly Exaggerated
December 13, 2011
Another month, another EU Summit. And once again, markets are judging the compromise as, at best, incomplete—at worst, disastrously insufficient. On top of everything else, the new agreement has managed to formally isolate Britain from the other 26 EU member states. (British euroskeptics are applauding their country's newfound estrangement, but more considered commentators realize the situation is fraught.) So is Europe ultimately doomed to all that jazz about euro breakup and financial apocalypse? Not quite.
Did the Fed Save Europe?
December 01, 2011
[Guest post by Matt O'Brien] We’re saved! Or at least not doomed. For a minimum of another week or so. That seems to be the message as markets rejoiced after central banks around the world announced a coordinated intervention to inject dollar liquidity into the global financial system. But what does this mean exactly—and how much will it matter? European banks need dollars. A significant portion of their business consists of making loans in dollars, which they typically first borrow from abroad.
What Europe Isn’t Doing to Stop Syria and Iran
October 12, 2011
As the world witnesses the Syrian and Iranian regimes commit countless human rights abuses and, in Iran’s case, move ever closer to perfecting its nuclear capabilities, there’s a common belief that, short of military intervention, there’s nothing that can be done. As it turns out, however, that’s far from the truth—but the majority of the initiative must come from Europe. The European Union has thus far failed to confront the Iranian and Syrian regimes to the full extent of its ability.
Why Greece, Spain, and Ireland Aren’t to Blame for Europe’s Woes
October 11, 2011
It’s all Greece’s fault. That’s what a lot of Europeans secretly—or not so secretly—think as they grumble at the prospect of coming up with yet more money to bail the eurozone out of its debt crisis. But what if that easy view of how Europe landed in its current predicament is not just simplistic, but wrong? Nonsense, argue the grumblers. Clearly the crisis started because debt in the eurozone’s periphery—Greece, Ireland, Portugal, and Spain—became so large that investors grew frightened that entire countries were at risk of default.
March 03, 2011
What Technology Wants By Kevin Kelly (Viking, 406 pp., $27.95) Kevin Kelly, the éminence grise of Silicon Valley, holds the odd job title of “senior maverick” at Wired magazine, enjoying a cult following among thousands of geeks around the globe.
New York Journal
March 01, 2011
The fact is that almost everyone has dirty hands. Everyone: politicians (even “statesmen”), banks, governments, international organizations, newspapers, universities, scholars—they are now mortified to (have to) admit that they made common cause with Muammar Qaddafi and his favored son Saif. Thursday’s Financial Times carries a half-page article by Michael Peel on some of Qaddafi’s intimates: Tony Blair, the London School of Economics (LSE) and Political Science, the Carlyle Group (America’s most politically wired investment ensemble), the great revolutionary democrat Hugo Chavez, etc.
Right-Wing Zionists For The One State Solution
February 23, 2011
Commentary's Jonathan Kellerman thinks opposition to settlement-building is the equivalent of Nazism: Like most neurotic obsessions, preoccupation with “settlers” would benefit from some stepping back and aiming for context. What we’re really talking about is the right of Jews to live wherever they please. The concept of Judenfrei — moving Jews out of specific areas of Europe — was a bulwark of Nazi policy that rapidly devolved to the even more viciously racist notion of Judenrein, cleansing Jews from all of Europe. We all know where that led.
The Reality of Revolution
February 14, 2011
In both the euphoria and the apprehension that have accompanied the popular uprisings in the Arab Middle East that, no matter who succeeds them, have already resulted in the fall of two tyrants and the first credible threats to several more, there has been much talk about freedom and democracy and about secularism versus Islamism. Predictably, if also dishearteningly, there has been an avalanche of the usual cyber-utopian techno-babble about the emancipatory potential of the Bluetooth devices and Twitter feeds for which authoritarian tyrannies are said to be no match.
Flowers in the Desert
February 09, 2011
The wave of popular unrest that has spread across the Arab world in recent weeks, toppling the regime in Tunisia, creating the mass protests in Egypt, and leading other governments in the region to scramble to choke off similar eruptions, has evoked images of 1989, when Communist governments fell like dominoes in Eastern Europe. Like today, those earlier events unfolded with surprising speed, catching the West (as well as the oppressive regimes) off guard. But President George H.W.